I went ahead and started a ticket on this as well, to make someone look at this on screen share. I am using enterprise databases on SQL Server 2016, geodatabase version 10.5.1 (to keep them open for ArcMap until some time next year). I only noticed drawing alerts in Arc Pro 3.2, with the same error text “Target state not found in the States table (STATE_ID = 0),” and with this error, geometry (but not labels?) disappears for all features in that geodatabase. I am using multiversioned editing mode, because I am cutting features from a file geodatabase and pasting to an enterprise geodatabase. The error stream and disappearance seem to happen when there are other users connected to the EGDB, so there are multiple states in the SDE_states table. Looking at the SDE_states table in SQL Server Manager, there is definitely a State_ID value of 0 along with other values in the State_ID field.
I have done this kind of editing through the earliest versions of Arc Pro 2 (roughly in 2018 or 19), and earlier in Arc Map 10.5 and 10.7, with very few errors in the editing process, drawing or otherwise. This is buggy behavior and not brought about by "corruption in the database", so let's hope it gets looked at as such.