GPU resource binding corruption

I am running Parallels on an M1 MacBook Pro. The game AlchemyFactory run on Unreal Engine and exhibits a persistent material mis-binding (wrong texture bound to correct meshes). The problem always occurs.

One frame will draw correctly, then the next frame will draw with the incorrect textures. For example, NPCs walking around flicker between the correct texture and a tree texture. On some frames, certain objects won't draw at all. The result is a erratic flickering scene.

This occurs even when the scene is static (no streaming, no movement), also with texture streaming disabled. This indicates a resource binding corruption in the D3D -> Metal virtualization layer.

I am using the video.untrimmed_dynamic_cbuffers=1 boot flag. It doesn't affect the problem one way or the other.