I've been seeing this intermittently since, I think, October. I'm on a Mac Studio with an M1 Max and 32GB of memory. I'm currently using Sonoma 14.2.1. I'd like to add a few additional data points and clarify some previous claims.
I would imagine it's unlikely that this has anything to do with display performance options being throttled. I say this because of several specific pieces of evidence:
- As mentioned by multiple people, the effect appears only in Display Component Colors mode. Switching that off instantly removes the effect. (Turning the switch on again brings the problem right back, however.) It's hard to imagine how solid pseudocolors would put any more stress on the display pipeline than normal view.
- It is not related to the complexity of the model. It can happen with even the simplest of models, at any time. You might see the problem the moment you open your first model after starting Fusion 360. Or you might go for a whole day without seeing it at all.
- It is not related to how long Fusion 360 has been open or how long the system has been up. You can reboot or restart Fusion 360 and see it immediately. Attempts to limit other applications' use of memory make no difference. It does not matter whether the system has free memory or has started to use the swap file.
- The effect usually seems to happen on some bodies but not others. It's possible for the entire model to jump to wireframe, especially if the model is simple, but that's atypical. There's no apparent rhyme or reason to the selection of bodies that are affected. It doesn't happen preferentially to simple bodies or complex bodies. It doesn't happen to bodies that are at a given distance from the camera plane.
- No graphics setting appears to make any difference. I have systematically checked each one in an attempt to track down the issue.
A few additional points are worth making. First, it seems to happen in runs. As I mentioned, you might go a whole day without seeing the problem. But once it starts happening, it seems to be a constant annoyance for at least a day or two.
Second, it always happens in Display Component Colors mode, as described above. And usually, what you get is a display that's a mix of component-color-rendered bodies and wireframes with hidden lines drawn. But a couple of times, I've seen "normal" colors seeming to show up in Display Component Colors mode. For example:

This is a STEP file, which presumably has no pseudocolor information. This is absolutely, positively a capture with Display Component Colors turned ON, but clearly, the parts that are rendered correctly are being rendered as if they were in normal display mode.
Another point of note is that the problem seems to have "epochs." It doesn't randomize the rendering of bodies for each frame. When the problem occurs, you'll see a (potentially large) number of bodies drop out suddenly to wireframe. Those bodies then remain stable in that mode. You can orbit around the model and even work on it. Each body retains its own characteristic rendering style. There may be another batch of bodies that eventually drops to wireframe, but the wireframe-rendered bodies never seem to return to normal rendering.
It's a bit odd that no one from Autodesk has commented on this. @jeff_strater, is this on your radar?