I've had the same issue for at least 3-6 months now. But I hadn't experienced this in the 5+ years previously when using fences.
Tried clean boot, HDR is unsupported/disabled, and any other troubleshooting suggested in similar threads.
I've seen this issue echoed in Stardock forums as far back as January 2021 and I'm surprised no one has a fix for this or has even identified the cause.
OS Windows 11 Pro x64 (10.0, Build 22621)
Fences Version: v4.0.7.3 as well as after upgrade to latest v5