As a workaround switching the "Output" parameter from "Automatic" to "X11 video output (XCB)" restores video.
But then vlc keeps printing these error messages:
[00007ff124060808] core blend error: blending YUVA to VDV0 failed [00007ff124060808] blend blend error: no matching alpha blending routine (chroma: YUVA -> VDV0)
As a workaround switching the "Output" parameter from "Automatic" to "X11 video output (XCB)" restores video.
But then vlc keeps printing these error messages:
[00007ff124060808] core blend error: blending YUVA to VDV0 failed
[00007ff124060808] blend blend error: no matching alpha blending routine (chroma: YUVA -> VDV0)