I am having a slightly different problem, but it occurs in the same circumstances - when opacity is used in a project created in DR17 and a coloured managed project (except for the colour managed > SDR Rec.709).
In my case, opacity works, but random short horizontal lines appear at the bottom and/or the top of the picture whenever it is used.

- Screenshot 2021-07-12 113851.png (939.41 KiB) Viewed 1014 times
But, I've noticed that it works fine again when I disable the "Use colour space aware grading tools option" in Color Management > Davinci YRGB Color managed > Custom options.
Can you check if it works for you the same way? If so, we could be able to point the developers in the right direction.