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It was present with my P2721Q connected to my M4 Pro Mac mini. I'm not sure if the base model M4 will also be affected. But a suggestion from another post, and the solution for me, was to install a tiny utility called Stillcolor from here. I installed it today and made sure "Disable Dithering" was set and haven't seen the problem since. I'll give it a few more days to be sure but so far the display seems much more stable with no visible flickering.
 
I got base m4 Mini on Black Friday and use it as a 24/7 media server, connected to a inexpensive old Vizio 24" smart TV via HDMI. Image looks good (better than I expected from that old screen which I haven't used in about 5 years!) During setup, it was connected to a Sony 22" 1080p production monitor. Looked good there too. Never saw any signs of flicker or ghosting on either of these but haven't tried any 4k screens.
 
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