Grey flickering into nothingness

Console player. It appears the more often you use your inventory, the worse this gets. The screen seems to unload and refill elements with grey. If you keep using the inventory it gets progressively worse until the entire game is unrendered grey blocks. Worse, it carries over to the menu screen if you log out of character to change. It appears the only solution is to load a new area, but the graphical grey glitching starts again in that area if you open your inventory more than 2-3 times.

My friend and I have both messed around with this on both a Series S and X console with the same results. Opening and closing your inventory a few times in a row completely destroys your entire screen. This is legitimately a game breaking bug that makes it entirely unplayable once it starts happening.