> My Terminal (iTerm2) is UTF-8. The OS is MacOS.

I think if the encoding of the output channel is byte oriented, this would explain your false negative results.

IOW your decoding is right but the test is wrong.

update

Yep, tested on my Ubuntu VM, with utf8 console

  DB<2> use Devel::Peek

  DB<4> use Encode qw(decode encode)

  DB<10> $str="kü"

  DB<11> Dump $str
SV = PV(0x28054a0) at 0x280a370
  REFCNT = 1
  FLAGS = (POK,pPOK)
  PV = 0x2838a60 "k\303\274"\0                   # <-- 303 274 is octa
+l for UTF-8 encoding of "ü" * 
  CUR = 3
  LEN = 16

  DB<12> p $str
kü
  DB<13> p $dec = decode("utf8",$str,Encode::FB_WARN)
k
  DB<14> Dump $dec
SV = PVMG(0x28e41f0) at 0x2a19368
  REFCNT = 1
  FLAGS = (POK,pPOK,UTF8)
  IV = 0
  NV = 0
  PV = 0x28fe5a0 "k\303\274"\0 [UTF8 "k\x{fc}"]  # <-- correct UTF8 U+
+00FC is codepoint for "ü"
  CUR = 3
  LEN = 16

  DB<15> binmode DB::OUT,':utf8';                # <-- fix encoding la
+yer

  DB<16> p $dec
kü
  DB<17>
[download]

 Unicode  SYMBOL   UTF-8    UTF-8                  NAME
Codepoint           hex      oct         

 U+00FC     ü      c3 bc   303 274    LATIN SMALL LETTER U WITH DIAERE
+SIS
[download]

*)

DB<19> printf "%X ", $_ for  0303, 0274                                                                               
  C3 BC                                                                                                                     
DB<20> printf "%X ", oct($_) for  qw/303 274/                                                                         
  C3 BC