Hello @Michael ,
I have a confirmed bug on my Ipad mini 5th gen. ios 14.4.1 (and also on an Ipad pro 11inch.):
When I rotate a donut counter-clockwise with two fingers in order to offset the audio, the displayed waveform disapears.
I don't have the issue when I rotate clockwise.
Here is a video of the issue:
https://drive.google.com/file/d/1hCPtYwVsOWv6gCjkEWJRNYms6DnFAXWV/view?usp=sharing
Thanks for the support @Michael !