Windows 11 File Explorer triggering screen refreshes

I have noticed a pretty weird issue in Windows 11 (currently 22H2 Build 22621.2500):
When I open Windows File Explorer it will cause some sort of "refresh" in the graphics subsystem. It's easy to reproduce:

• Open Computer Management (right click windows button, computer management)
• Press Win+E or launch Explorer any other way
• See the whole contents of "Computer Management" window refreshing/flickering

The same flickering/re-draw is observed if Windows explorer is moved to another screen (in multi-screen setups). So just moving around Windows Explorer causing flickering in many other windows (also Event viewer - basically at least in all MMC applications) as well as I have seen the whole Notepad contents refreshing on every Explorer launch as well as other applications like PSPad seem to re-draw the menu bar.
I also found that the refreshes even occur when I click the "Home" or "Gallery" in Windows Explorer but not when clicking on Music, Videos, Pictures or any library.
The flickering also occuring if I open the context menu anywhere on the desktop when alternating screens. So when right-clicking on desktop on screen 1 it will flicker, subsequent clicks on desktop 1 will not flicker but right-click on desktop 2 will flicker again; subsequent clicks on the same desktop do not flicker but opening the context menu again on desktop 1 will flicker again.

I could reproduce this on multiple hardware configurations and even on RDP sessions.

I cannot reproduce this issue on Windows 10 though. I have also disabled shell extensions in an attempt to fix this at no avail.

Anyone else being able to reproduce this issue with Windows File Explorer as well?
Somebody having an idea how to debug further what is triggering this? It's certainly annoying and I have at least one application which is misbehaving/crashing when it happens so any handling of File Explorer is causing this application to fail. Not sure though if this is even related to the long-lasting story about Explorer grabbing focus and popping up to foreground every now-and-then.

So everyone having multiple screens just open a bunch of windows and computer management and keep moving explorer from screen-to-screen and watch if it's causing re-draw/flickering in computer management window when just moving Explorer.

Note: I have also posted this in Microsoft Community Forum before.