It looks like what you want to do does not translate to the recording of a meeting.
When sharing it should be the "standout" option (2nd icon from left) in Presenter Mode which you select when you initially click the share button in a Teams meeting.
In my tests, regardless of the content I share (monitor, program, or PowerPoint via PowerPoint Live) it displays properly to the live meeting attendees. But in all cases the recording ends up putting my camera feed (minus background) to the side of the content.
So, it's not recording you over the content. Only displaying it that way live.