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You will only see the part that is being edited when you edit a no fill/stroke path.
Give it a stroke color t o see the rest or switch to Outline View.
I only turned the fill off to demonstrate what the problem was, it still does the same thing when filled. It never used to do this.
Try turning off GPU Performance in Illustrator preferences.
" It never used to do this."
As far as I can see it was always like that.
Give it a stroke color to see the rest of the object or switch to Outline View.