Solid colors are appearing transparent in InDesign v16.4

Long time InDesign user here who is stumpted by a seemingly basic issue after updating to the latest version of InDesign (v16.4). Basically whenever I select a non-black color for my text color or to fill an object the color is transparent. If I choose white the color will be 100% transparent, if I choose another color the color and the object beneath it will blend as if the Multiply blending effect was being applied. I thought I might have turned on a blending effect by mistake but as you can see in the screenshots a solid color is selected for the fill, there are no blending effects applied to the object and yet the fill is transparent. Any feedback on steps I can take to fix this issue would be greatly appreciated.