Inconsistent visibility of V1 track in sequence

I don't know the appropriate terms to describe what's happening. The image clip I have on V1 track keeps appearing and reappearing, without any sort of consistency that I can see. The clip I have on V1 is simply a background image, so it's one long image clip underneath all the other layers of videos and text graphics. Nothing happens in that clip, it just sits there, static. V1 seems to appear when the V3 track is empty, but V1 disappears when once a clip appears in the V3 track—but not always! Only sometimes. Sometimes V1 will suddenly be visible as playback continues, even when nothing has changed in the tracks above it. I'm attaching screenshots to show the progression of what I'm talking about. This issue is occuring both in the editing sequence and in the exported file.

Here's my system info:

Mac Studio 2022, Apple M1 Max

macOS Ventura 13.2.1

Premiere Pro v 23.2 (updated yesterday, which is also the day this issue began)