Blend Mode live preview not working

For a few days I have experienced Photoshop's live blend mode preview not working. When hovering over a blend mode, the image maintains the appearance of the selected mode and I must select the new mode to see it change. I have also seen that only half the image (to which I am applying the mode) changes with the preview while the other half stays in "normal mode." 

I have been googling the issue but it appears no one else on the internet has encountered it. The only possible cause I can identify is the fact that I'm working in a 10 gb file, which my laptop (usually) does effortlessly. I'm having no other problems technically, but this tiny issue is giving me quite a lot of grief due to the frequency with which I use it!

I have Photoshop 24.4.1 and Mac OS Monterey 12.6.5

If anyone has insights into what I can do to solve this I would be very grateful! Thank you!