This is what the bug behaviour looks like. When viewing jpegs and pngs using QuickLook, occasionally a solid black box briefly appears. This bug only occurs if "Reduce Transparency" is enabled in System Preferences > Accessibility > Display.
Can anyone confirm that they're seeing this bug on their M1 Macs (I'm running a M1 Mini) when they have "Reduce Transparency" enabled? You'll probably have to view several jpegs repeatedly with QuickLook to trigger the rendering bug.
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