This is a known bug, and there is no ETA on a fix. When they fix it, a note will be included in the official hotfix or patch notes.
Below is the console string for adjusting the setting, but it’s not working as intended and may randomly turn off, so YMMV.
/console set spellVisualDensityFilterSetting 1
Options are 1 through 4. I believe setting 4 is no filtering (all spells visible).