I'm seeing the same thing, except that in my case it's much worse than just a little 'ghosting'. The text quickly becomes completely unreadable (a blackened, jumbled mess) if you try to insert any text into existing text. In my case the problem arises in Windows 11 Pro, version 24H2, OS Build 26100.6899. Other details are the same: It happens in a CPropertySheet dialog in a C++/MFC/Win32 desktop application, where you have a multiline edit control. I have reported this to Microsoft here: https://developercommunity.visualstudio.com/t/Recent-Windows-update-cause-multiline-ed/10986471?port=1027&fsid=20bb933a-c1e9-4851-b8dc-511cd23c1489&ref=native&refTime=1761151408717&refUserId=f8a0b681-3fdd-4f95-80ea-a7e4af8c3bd2
It is currently flagged as "Under Consideration".
I also created a demo app to illustrate the problem. I have tried all sorts of experiments with the demo app, and so far have not found any way to prevent the problem occurring - if you have a CPropertySheet/CPropertyPage tabbed dialog, and a multiline edit control.
I don't have any solution or workaround. Just hoping Microsoft can fix this v. quickly. I have an app out there with tens of thousands of users and some of them are already complaining about this.