Gradient/Transparency Issues in Illustrator v29.1

Hello,

I'm encountering an issue with transparency in Adobe Illustrator, particularly when working with gradients and images that have transparent backgrounds. Instead of displaying the intended transparency, the transparent areas are appearing white.

Interestingly, when I save the document as an Adobe PDF or assign the color profile to sRGB (I'm working in a CMYK workspace for print), the transparency appears as expected.

Screenshots attached. Has anyone else experienced this issue? Any insights or suggestions on how to resolve this would be greatly appreciated!

Thank you!