Soft proofing mode not functioning

Hi there,

I have an issue with turning on the soft proofing mode.

When I try to switch it on and either click on the checkbox or "Soft Proofing" text next to the checkbox, it seems to change nothing. However, it changes something in a weird way:

1) It freezes the actual image as it was before switching the Soft Proofing mode on. If I hide side or bottom tabs it repositions the image but does not resize it. (See attached bug.png)

2) Right mouse click allows to select different Proof Matte Color and then the "Create proof copy" menu appears but the background remains unchanged. (See attached bug2.png)

3) However, if I hide or open the side (bottom) tab it changes the background color. (See attached bug3.png)

4) When I try to change some settings, it asks if I want to create a virtual copy. When I create a virtual copy and try to apply changes, it asks again whether I want to create a virtual copy. I create up to 5 virtual copies, all identical. No changes appear on these virtual copies. However, if with virtual copy selected on the bottom panel I trying to apply changes and click "Make this a proof" it applies changes to the original image which is visible on the thumbnail preview at the bottom panel, but not on the main panel. 

5) If I switch off the Soft Proofing, everything starts to work as usual.

Few more weird things:

1) When I check the checkbox the text "Soft Proofing" remains inactive.

2) When I click on the text "Soft Proofing" it becomes active but the checkbox remains unchecked.

3) If I activate both sequentially they can be inactivated together by clicking on either of them. 

4) Hotkey (S) works only to switch mode off but does not switch it on. 

I tried to restart the app, restart the PC, re-install the app. No effect.

The system info is as follows:

Lightroom Classic version: 10.1.1 [ 202101041610-8c69aa4e ]
License: Creative Cloud
Language setting: en
Operating system: Windows 10 - Home Premium Edition
Version: 10.0.18363
Application architecture: x64
System architecture: x64
Logical processor count: 12
Processor speed: 2.5 GHz
SqLite Version: 3.30.1
Built-in memory: 16111.3 MB
Real memory available to Lightroom: 16111.3 MB
Real memory used by Lightroom: 2794.4 MB (17.3%)
Virtual memory used by Lightroom: 7826.2 MB
GDI objects count: 671
USER objects count: 2376
Process handles count: 1937
Memory cache size: 748.6MB
Internal Camera Raw version: 13.1 [ 658 ]
Maximum thread count used by Camera Raw: 5
Camera Raw SIMD optimization: SSE2,AVX,AVX2
Camera Raw virtual memory: 1696MB / 8055MB (21%)
Camera Raw real memory: 1086MB / 16111MB (6%)
System DPI setting: 240 DPI (high DPI mode)
Desktop composition enabled: Yes
Displays: 1) 3840x2160
Input types: Multitouch: No, Integrated touch: No, Integrated pen: No, External touch: No, External pen: No, Keyboard: No

Graphics Processor Info:
DirectX: NVIDIA GeForce GTX 1650 (27.21.14.5241)