Do two of the colours blend with opacity to make a new colour? Wow buddy, looks like you're in more than four colour territory!
This is covered in the four colour rant.
That said, Gameboy games would try to avoid this flickering as best as possible as it indicates the sprite limit is exceeded (eight* sprites per scanline) - even when it did flicker it would only show one sprite or the other, or sections of a scanline - but never a transparency. There's a hazy line between "the game has four colours" and "the final render has more than four colours" - use your best judgement here, but be aware that people who are rating the games will be using their own best judgement.
*Ten sprites per scanline