I'm able to repeat this: two layers of cineon/DPX sequences, layer underneath is displayed while top layer doesn't begin for several frames. Select top layer, hit open bracket ([) to bring top layers' start point back to current frame.
We see the outline and center point display, but the image pixels are still from the lower layer, which should now be hidden by the top. Touch nothing, and this will remain for a good long while.
Tap Caps Lock twice, and the display is refreshed. Move the mouse/trackpad, and the display is refreshed. But if you brought the top layer back in order to A/B something, you'll need to incorporate a second step to get that displayed. "[" alone won't do it.
Mac OS 12.6.3, AE 23.2.1