Occurring for me also since installing MacOS 12.6.2 update. I have 4 displays connected, all 4K displays. Mac Pro 2019, 384GB RAM, Radeon W5700X GPU.
Display 1: LG Ultra HD display connected via Port 1 Thunderbolt to Dual DisplayPort adapter (Cable Matters) connected to Thunderbolt port on GPU.
Display 2: LG Ultra HD display connected via Port 2 on Thunderbolt to Dual DisplayPort adapter.
Display 3: HS156KC UHD display connected to I/O card USB-C port 1.
Display 4: HS156KC UHD display connected to I/O card USB-C port 2.
AMD Radeon Pro W5700X:
Chipset Model: AMD Radeon Pro W5700X
Type: GPU
Bus: PCIe
Slot: Slot-1
PCIe Lane Width: x16
VRAM (Total): 16 GB
Vendor: AMD (0x1002)
Device ID: 0x7310
Revision ID: 0x0000
ROM Revision: 113-D1860W-213
VBIOS Version: 113-D186A2XT-019
Option ROM Version: 113-D186A2XT-019
EFI Driver Version: 01.01.200
Metal Family: Supported, Metal GPUFamily macOS 2
Displays:
HS156KC:
Resolution: 3840 x 2160 (2160p/4K UHD 1 - Ultra High Definition)
UI Looks like: 1920 x 1080 @ 60.00Hz
Framebuffer Depth: 30-Bit Color (ARGB2101010)
Display Serial Number: demoset-1 0
Mirror: Off
Online: Yes
Rotation: Supported
Connection Type: Thunderbolt/DisplayPort
HS156KC:
Resolution: 3840 x 2160 (2160p/4K UHD 1 - Ultra High Definition)
UI Looks like: 1920 x 1080 @ 60.00Hz
Framebuffer Depth: 30-Bit Color (ARGB2101010)
Display Serial Number: demoset-1 0
Mirror: Off
Online: Yes
Rotation: Supported
Connection Type: Thunderbolt/DisplayPort
LG Ultra HD:
Resolution: 5120 x 2880 (5K/UHD+ - Ultra High Definition Plus)
UI Looks like: 2560 x 1440 @ 60.00Hz
Framebuffer Depth: 30-Bit Color (ARGB2101010)
Main Display: Yes
Mirror: Off
Online: Yes
Rotation: Supported
Connection Type: Thunderbolt/DisplayPort
LG Ultra HD:
Resolution: 5120 x 2880 (5K/UHD+ - Ultra High Definition Plus)
UI Looks like: 2560 x 1440 @ 60.00Hz
Framebuffer Depth: 30-Bit Color (ARGB2101010)
Mirror: Off
Online: Yes
Rotation: Supported
Connection Type: Thunderbolt/DisplayPort
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I know for a fact there are no issues with my hardware set up, or the way the displays are connected to my Mac Pro, since this issue did not occur until I installed MacOS 12.6.2 update. There was some regression introduced into the CoreDisplay subsystem with that update that is causing this.
Generally, Display 2 and 3 are exhibiting having their contents swapped after a "wake from sleep".
And before anyone suggests it, I shall graciously decline either (a) creating a new user, (b) reinstalling MacOS, or (c) trying safe mode, since these are time-wasting exercises that detract from the underlying issue of a bug existing in MacOS.