Blank screen with Nano R4

[HubertJH]

After updating to Arduino IDE 2.3.7 and the most recent Adafruit libraries I only get an empty screen on my OLED 128x64 display when connected to the Nano R4. The setup worked fine with the previous versions of both the IDE and the libraries; rolling back the libraries did not help.
Going back to the standard Nano all works as expected.
I am testing with SH1106_128x64_i2c_QTPY.ino. And yes, I have pull-ups (2.2k) connected to the I2C lines.

The setup also works fine with library U8x8lib so I have to assume that the issue stems from the Adafruit libraries. But with nothing on the screen at all it is difficult to drill down further at this end.

Any help / suggestions would be appreciated.

Many thanks!