Are talking about the view pop up menu in the canvas (3rd button in the middle top) ? Mine is image+wireframe. You said Overlays, maybe i’m missing something ?
This has to be a project issue. I just recaptured some footage and started a new project and it works fine. The one thing i noticed that was strange, was for some reason i ended up with a copy of the original project in the browser, and on the media drive there was two files, one original and the copy. For some reason i was working on the copy. I wonder if this has anything to do with it ?