Thought I’d update on this in case anyone else encounters this issue. I called Avid support. They were able to reproduce the issue, and after trying a couple things on both our ends, determined that we’d found a bug.
I’m using an iMac Retina 5k with a secondary Samsung display attached via Thunderbolt. The current workaround is to make the secondary display the primary display, keeping the timeline and source and record monitors off the iMac. Not what I wanted to hear, but there’s at least a workaround for now.
I’m going to try downgrading to another version and see if the bug is present in earlier versions of MC8. I’ll post here again if Avid happens to make progress on the bug.