I'm having the same issues for a while back now, running Sonoma 14.4.1 on a MacBook Air M1.
Using Preview as a very convenient way to piece different PDF documents or pages together, as I have done many times in the past without issues.
For some reason, having different dpi or size values seems to trigger this effect as certain pages shows up just fine but others don't (that displays properly in Preview separately). Other users on different platforms (Windows, Adobe PDF Reader, etc.) could still see these combined PDFs properly.
However, this issue seems to have gotten worse with the update from MacOS Ventura to Sonoma. Today I opened a larger PDF file (200 pages, 50 Mb) that only includes 2 web links, the rest is flattened with a consistent dpi/size, and as soon as you begin scrolling or zooming in, it all turns blank in Preview.
Even on iOS (17.4.1) the same thing happens. So it is a widespread issue with Apple on handling PDF files on both platforms... Feedback already submitted.