Working with ArcGIS Pro 2.7 I've noticed something when I was using Annotation Layers and Point Layers with Labels.
I have a map in Pro like this
The ocean letters are from an Annotation Layer (Text Map Notes) and it has a Point FC with standard labeling.
I wanted to use Layer Blend effects applying a Hard Light Blend to the Annotation Layer and this happened.
The Point Feature Layer dissapeared. It gets weirder because the point FC is above the Annotation Layer in the Table of contents.
If I switch the layers order it shows the point but not the labeling.
Is there a limitation using blend effects in Annotation Layers or is a bug?
I'm finding a similar problem with my project. I have a number of layers in a map with labels applied to numerous layers (i.e. road names, lot numbers, etc). I have World Hillshade half way down the list in my table of contents, with Linear Burn blending applied to the Hillshade layer. It was all working as expected, and still exports the layout to PDF correctly, but when I'm viewing the map view or layout view, all the layers above the hillshade have stopped displaying, making editing the map really annoying. As soon as I turn the hillshade off, or just turn the blending back to Normal, then it all works as it should.
I'm going to go with (another) bug, but I'll give it until Monday to be taught otherwise. If nobody has any tips for fixing this, I'll log (another) support request and update back here when I get an answer.