Vertical title spacing is wrong in proxy playback mode

The vertical spacing of stacked titles is way off, in proxy playback. Properly spaced titles -- in full resolution -- end up on top of each in 1/2 proxy mode.

This is a 1920x1080 timeline. Win7 12.5.2.

I would like to bring this thread to life as i'm facing the same issue.
Me too using a 1920x1080 timeline, and to get fluid playback i need to crank down the resolution with proxy mode. When doing this, titles don't render correctly, as John exposed.
Using Resolve Studio 12.5.5.

I can only guess that everyone here doesn't really need to turn on proxy settings, as the issue is pretty annoying and would be noticed. Nothing you can't live without, but annoying.

Cheers! Umberto