After a recent update (in which I assume was some faulty driver or power saving feature) I am having this problem in my arch system. I have an AMD Ryzen 7 PRO 5875U and I'm using amdgpu drivers, on GNOME wayland although I don't think it matters because it also happens on TTY.
I am using power-profiles-daemon and when it goes into power saving mode this issue appears and immediately goes away if I disable power saving. In this video I still hadn't realized it was related to power saving but it was my first real clue since I realized it went away by plugging it and came back by unplugging.
Nothing shows up in journalctl when I go to and from power saving mode. Any ideas?