Material editor previews error

Hello!

With the update of Vray 6 Hotfix 2, my preview renders in material editor is not displaying correctly.
There is no backdrop for example, and the shader is not displaying correctly. The pre made materials for example only looks like a flat semitransperent circle.

Im on 3Dsmax 2022.

Anyone have an idea whats wrong?

Is V-Ray set as the Material Editor renderer (Render Setup > Assign Renderer)? Also, are the Native 3ds Max material (Render Setup > Settings> System) swatches active?