Android Studio 3.2.1 design view is broken

Question

The problem

I've started to notice that my Android Studio is showing some weird glitches lately when I'm working with layout files. It started by randomly breaking AS GUI, which was solved by a restart.

But since today, every time I try to open the design view, it breaks.

The picture below will show what I mean:

As you can see, the UI is completely broken, I can't see most of the buttons, and sometimes not even that layout preview shows up. Is this a known issue?

I'm running Android Studio 3.2.1 stable on Windows 10 x64.

What I've tried so far

I have tried to:

• Close AS and open it again;
• Clean project;
• Rebuild project;
• Uninstall and reinstall AS;
• Uninstall AS, remove the SDK, gradle caches, and everything related to Android, and then reinstall it again and let it download everything once more.

None of those things worked, unfortunately.

And for the sake of completeness, here's the layout I'm using:

<?xml version="1.0" encoding="utf-8"?>
<android.support.constraint.ConstraintLayout 
        xmlns:android="http://schemas.android.com/apk/res/android"
        xmlns:app="http://schemas.android.com/apk/res-auto"
        xmlns:tools="http://schemas.android.com/tools"
        android:layout_width="match_parent"
        android:layout_height="wrap_content">

    <ImageView
            android:id="@+id/backdrop"
            android:layout_width="40dp"
            android:layout_height="40dp"
            android:layout_marginTop="8dp"
            android:layout_marginBottom="8dp"
            android:importantForAccessibility="no"
            android:src="@color/mds_indigo_400"
            app:layout_constraintStart_toStartOf="parent"
            app:layout_constraintTop_toTopOf="parent"
            app:layout_constraintBottom_toBottomOf="parent"/>

    <android.support.v7.widget.AppCompatTextView
            android:id="@+id/letter"
            android:layout_width="0dp"
            android:layout_height="0dp"
            android:gravity="center"
            app:autoSizeTextType="uniform"
            app:autoSizeMinTextSize="14sp"
            app:autoSizeMaxTextSize="26sp"
            android:maxLines="1"
            android:textColor="@color/secondaryLightText"
            app:layout_constraintTop_toTopOf="@id/backdrop"
            app:layout_constraintBottom_toBottomOf="@id/backdrop"
            app:layout_constraintStart_toStartOf="@id/backdrop"
            app:layout_constraintEnd_toEndOf="@id/backdrop"
            tools:text="M" />

    <TextView
            style="@style/TextAppearance.AppCompat.Large"
            android:id="@+id/name"
            android:layout_width="0dp"
            android:layout_height="wrap_content"
            android:layout_marginStart="16dp"
            android:layout_marginEnd="16dp"
            android:textColor="@color/colorAccentDark"
            app:layout_constraintStart_toEndOf="@id/backdrop"
            app:layout_constraintEnd_toEndOf="parent"
            app:layout_constraintTop_toTopOf="@id/backdrop"
            app:layout_constraintBottom_toBottomOf="@id/backdrop"
            app:layout_constrainedHeight="true"
            tools:text="Marketing"/>

</android.support.constraint.ConstraintLayout>