I have some more detail… It seems to be how the game interprets the trackpad when using the official controller layout. The official layout has the trackpad and right joystick mapped to “Camera”/
When changing the controller layout to “WASD + Mouse”, the cursor appears.
I tried loading up the official controller layout and just switching the trackpad to be a mouse input, but the UI doesn’t know how to handle switching between controller layout and mouse layout… So, definitely a visual bug, and a recent one at that.