When using office 365 powerpoint I get weird graphic artifacts while presenting, everything is ok in edit mode. This was an issue a couple of versions back with Direct X, it had been fixed but it returned.
I also have a similar issue that may be related. In the game 'Approaching Infinity' you can see a black background behind menu buttons and certain sprites. I do not have a Parallels 1.5 comparison, but this was not an issue before. Further, once you make it past the menu, certain portions of the game turns completely black, making it unplayable. I think Parallels 16 has an issue with confusing transparent graphics and turning them black instead.
I have the exact same issue. Had it on both 16.0.0 and 16.0.1. Downgraded to 15.1.4, and everything works fine. Please fix this. I found it when I was presenting to a group of peeps on Teams. It was rather embarrassing.