Hey, @amjadr360 –
Thanks so much for the reply. Indeed, I had some old custom CSS in the legacy Customizer that included body { visibility: hidden; } as part of a homepage intro effect. It looks like with the WP 7.1 iframe editor, that rule was also being applied to the editor canvas. Changing it to body.home { visibility: hidden; } fixed the issue while preserving the effect on the homepage.
Appreciate you pointing me in the right direction! 🙂