I created a fence from 2 links on my desktop. When I double click on the title bar, the fence collapse, but the icons stay visible. They disappear, when I open another fence that covers the fence in question, but come back and stay as soon as I open the fence with mouse over.
I can show you a video if needed.
This happens with the trial version 4.21 and latest Win11. No problem with fences made from folders.