Very interesting, I haven't been able to replicate it directly myself, but I am looking into the issue to try and figure out why it might be happening and if there's any odd dependencies that cause this to happen, hopefully I can have to resolved when the new release drops, fingers crossed it's nothing too in-depth that might require rewriting something big
i just loaded into the game today, and it seems to have fixed itself. the graphics are completely fine, and not buggy with all the colors all over the place anymore.
also, now that it’s fixed, i want to mention that the game does not say v1.0.1 in the corner. i was looking at SteamDB.info way before all of this started happening and it says there was an update on the 16th of February, which is when i believe v1.0.1 was supposed to be out.