iPhone color weirdness since 14.7.1 update

I have an iPhone XS Max, and just updated to iOS 14.7.1. Since then my phone colors have been doing strange things. Sometimes the whole screen is inverted, like a photo negative. Sometimes only parts of the screen are affected, such as the background of folders on the same page being different shades of gray. The screen can also flash: starting as inverted for a moment, then flipping to normal. Overall the colors are more saturated than before.

Switching between Light and Dark modes changes colors, but does not normalize things. Initially switching True Tone and Night Shift on and off didn't improve it, but my most recent toggle of True Tone has improved things a bit, at least for now—but some color changes still remain.

Has anyone else experienced such color issues since the update? Is this a known issue with a specific fix? Any suggestions? Will appreciate any feedback.