Appearance of Transparency

I work with a lot of vehicle templates that are raster based, however, I open them up in Illy and have each raster layers converted to Illustrator objects. The shadow detail is always set to Multiply in the transparency panel and art layers are underneath. Recently though, I would say in the past 10 days, something has changed with the way that Illustrator previews it. It makes everything under that layer darker, even areas that are white on the multiplied layer.

Here is where it gets interesting. If I export it as a jpg, everything looks like it should. If I create a new layer and set it's blend mode to multiply and put the raster object in question WITHIN that layer with a normal transparency mode, everything is as it should. Again, this is new behavior and I can't figure out how to fix it. 

This happens on every file, new and old files that previously didn't act this way.

Running latest update of Illustrator on a M1 Max MBP with MacOS 13.6.3