Yep, that's what it did yesterday (clicking 'show more' gave back the full set), alas today that doesn't work any more, I only see 10.
We went through this back when Big Sur came out late last year, and for a while it looked like Apple sorted out the problem with Top Sites. Why they're again messing with it, I've no idea, especially as, based on many of the comments here, this is (or rather, was) a really valued feature of Safari.
How Safari still has 20% browser market share is completely beyond me! Here's one user who is just about to make the jump to something else, and once I'm gone I'm gone for good. (Not that Apple cares, but still.)