It looks like the GPU is disabled or acting up.
1. Go to Preferences > Technology Previews... and check "Disable Native Canvas" - then restart Photoshop. Does the problem still occur?
2. Go to Preferences > Performance... and uncheck Use Graphics Processor. Restart Photoshop. Does the problem persist? If this fixes it, try updating your graphics driver and re-enable Use Graphics Processor. https://helpx.adobe.com/photoshop/kb/troubleshoot-gpu-graphics-card.html