Updated to Tahoe, still seeing the same issue, only seems to happen on my CI machine, which makes me think this might be some kind of timeout or similar?

For what it's worth we've been seeing customers with the same issue -- installing with Xcode 13.4.1 GM, no issues; using Xcode 14 on the same source code and people either see the placeholder or some other unexpected snapshot. Frustratingly, there's also no obvious crashes here, and we've locally been unable to reproduce the issue. Perhaps look at surrounding logs in Console.app if you can reproduce locally?