It's unlikely that this belongs to listview at all. I remember seeing null glyphs in tooltips too. What we need to compare is DrawText() output, and fix that. Note that it has to use the same font, otherwise it's an additional variable factor.
To keep in mind:
* on modern Windows version, last time I checked, cr/lf glyphs are in fact present in fonts like Tahoma, and they have zero width set in the font itself; * regardless of the font, a common approach is to zero control characters advances during text shaping. We do that for directwrite; * results could differ between DrawText(), uniscribe, and directwrite, for common controls it's enough to check just DrawText(), and then maybe some Indic text too so that complex shaping kicks in.