@spikeyxxx – Turns out this is another victim of GPU Subdivision.
In Blender 3.1 I had turned that off, and I guess when I re-downloaded it it remembered that setting.
In Blender 3.2 GPU Subdivision was back on by default, giving these weird results.
Turning off GPU Subdivision resolved the issue. The Blender guys confirmed the bug(s). Not sure if the two are actually separate bugs, or different manifestations of the same bug.
EDIT:
To Turn Off GPU Subdivision
- Edit->preferences
- Viewport
- Expand Subdivision
- Uncheck GPU Subdivision
- On the bottom left select the triple line “hamburger” menu
- Save Preferences