Loupe View dimmed with intermittent bright flashes in Adobe Camera Raw

Same thing happens when using using ACR in Photoshop. Flashing goes away when disabling GPU under Performance tab in Preference, making editing painfully slow however. Worked fine on my older M1 Mac Studio. 

System info:

Lightroom Classic version: 12.4 [ 202306052221-b70c0975 ]
License: Creative Cloud
Language setting: en-US
Operating system: Mac OS 13
Version: 13.4.1 [22F2083]
Application architecture: arm64
Logical processor count: 24
Processor speed: NA
SqLite Version: 3.36.0
Built-in memory: 131,072.0 MB
Real memory available to Lightroom: 131,072.0 MB
Real memory used by Lightroom: 8,395.0 MB (6.4%)
Virtual memory used by Lightroom: 428,173.4 MB
Memory cache size: 2,700.2MB
Internal Camera Raw version: 15.4 [ 1508 ]
Maximum thread count used by Camera Raw: 5
Camera Raw SIMD optimization: SSE2
Camera Raw virtual memory: 1278MB / 65535MB (1%)
Camera Raw real memory: 1373MB / 131072MB (1%)
Standard Preview Size: 6016 pixels
Displays: 1) 6016x3384

Graphics Processor Info:
Metal: Apple M2 Ultra
Init State: GPU for Export supported by default
User Preference: Auto