This bug has been present since fences4,
Hardware environment: Laptop
12th Gen Intel(R) Core(TM) i9-12950HX 64.0 GB
Two external monitors, one 32 inch 4K and one 28 inch 2K, but this problem can also occur without external screens.
After using the shortcut key(Windows + D) to switch to the desktop, clicking on the box created by Fences on the desktop will cause the entire desktop to flash continuously. Only by using the hotkey again to switch to the desktop will there be a chance that it will not flash.
The problem video link is as follows: