1.17 breaks rendering in main menu and in-game

Minecraft 1.17 (and 1.17.1 Pre-release 1) break all graphics rendering on my laptop. 1.16.5 worked perfectly before.

Steps to reproduce:

1. Launch Minecraft
2. Select "Latest release" or "Latest snapshot"
3. Wait for the game to load
4. Experience glitchy rendering in screenshots.

I have tried reinstalling Minecraft (including deleting .minecraft folder), this did not fix the issue. Going back to 1.16.5 fixed rendering.