Something different happens now when I merge visible layers

Just downloaded PSE 2019 last week and I have been playing around with it. 

Previously, when I merged the visible layers (Ctrl + shift + E), a new layer appeared at the top of my layers panel with the merged layer, and all my other layers were still visible below.

However, today when I do this, all my layers disappear and I am left a single Background layer. 

Did I change some preference somewhere?