Hardware rendering mode displays black screen [pdx-s3uf]

[spacepaw]

Informations

Game: Paradox intro for Spyro 3 (not a game, but intro)
Version: windows64-20201221-2fd5325
Hardware: AMD Ryzen 9 3900X, GeForce RTX 2080, 64GB, Windows 10
BIOS: Sony PlayStation SCPH-7001 BIOS v4.1 (1997-12-16)(Sony)(US).bin

Behavior

The "Hardware" rendering mode displays a black screens with occasional garbled content. Software seems to work fine.

Attachments

You can download the PS-X EXE from the pouet demo scene website: https://www.pouet.net/prod.php?which=57390
You can also find a screenshot and a youtube video of the PS-X EXE on that same site.

Here are screenshots of the same PS-X EXE running with different rendering modes in Avocado: