I’d suggest what contributes to fluid darkening with time and use is mostly due to oxidation and contact with the carbon black added to the rubber damper accumulator diaphragms and flexible lines. There will always be particulate material slough off the black colored system internals, you can easily see it collect in the pump internal filters and pump housing body. Also, as fluid ages its cocktail of additives including anti wear, anti foaming, anti rust, anti oxidation, pink dye and viscosity index stabilizers deplete which will also contribute to darkening and allow the gradual production of a dark sludge to form in solution. Moisture and air naturally in the fluid (there’s always trace moisture and air in hydraulic fluid) facilitate cloudiness, the formation of sludge, changes to pH and darkening with time and use too.
Technically the system’s design is open loop, not closed, with the reservoir open to atmosphere (the cap isn’t air tight and you have an air/fluid boundary) and, importantly for the definition, the pump draws from the same reservoir where fluid is also returned. The damping process actually produces quite a lot of heat at the damper assemblies. Don’t forget that the fluid is not only a working fluid for hydraulic lifting and leveling it’s also a shock fluid transferring energy (heat) in the damper valves. Have you noticed the cast steel cooling fins on the damper assemblies? they are there to increase surface area and dissipate heat.