I have the same issue, for me the update in question is Android 17 which was released yesterday. It appears this might have broken something with Lightroom (version 11.3.3).
When opening an image in Lightroom on my Google Pixel 10 Pro XL, it is initially rendered correctly, then changes to the colored squares that can be seen in OP's screenshot.
Edit and P.S.: this appears to happen as soon as a higher resolution smart preview or the original has finished loading. And it happens regardless of RAW or JPEG. Affected images appear normal in e.g. Lightroom for iPad.