Sorry for the troubled experience. Please ensure Acrobat is updated, to check for pending updates, launch Acrobat > Help > Check for updates. Once done, relaunch Acrobat and try again.
Are you trying to edit the document? If not, could you share this file with us? Also, please share a screenshot of the Page Display Preference from your Mac machine. To access that Preference, Launch Acrobat > Acrobat > Preference > Page Display.
I'm having text issues as well where text on some downloaded documents will not display at all unless it is part of an embedded logo. I can open the document in Preview and then export it back as pdf/A or print it as a pdf but then the resolution is poor. I'm currently on Mac Sequoia 15.3.2 and Acrobat version 2025.001.20432. I've attached a redacted document showing how it should look (opened in Preview), and how the same document looks in when opened in Acrobat.