Incorrect Alphas/Transparency show in documents

Hi thanks for the files. I was able to isolate and replicate the issue into a much simpler file. 

To replicate :
1. Make a simple 3 layer file in 32 bits /channel linear. That file to contain 
A layer with solid 0,0,0 black at the bottom
A layer with a filled ellipse in the middle and transparency outside that ellipse
A layer with solid black at the top
2. Turn visibility of the bottom layer off
3. Turn up the 32 bit preview exposure slider (bottom left of the window) to make the issue clearer

Expected result :
The top layer only should be visible i.e. solid black

Actual result :
The edges of the oval are visible through that solid layer above it

Workarounds :
1. Turn off Use Graphics Processor and restart Photoshop (not really a practical workaround when working with large images).
2. Turn on the solid layer at the bottom (this can be any colour it does not need to be black)

Photoshop 27.9.1, Windows 11, RTX3090 GPU

Example file attached

​@Sameer K Can this thread be moved to bugs please and renamed ‘Partial transparency showing through solid layer on 32 bit images’