Thumbnails won't render on the timeline if these steps are followed:
Open a timeline and play
Zoom out (alt-mousewheel down) so the timeline collapses to a small sliver
Zoom back in (alt-wheel up) and thumbnails aren't shown. This much might be intentional.
While playing, grab the playhead and move to a different location.
Now stop. Timeline thumbnails will not display until zoom level is adjusted again. However the behaviour is different if you skip step 4 (in which case thumbnails appear once transport is stopped).
(Not sure if a regression, I just happened to notice it now.)
Resolve Studio 18.0.2 | Windows 10 x64 (21H2) | AMD Threadripper 5950X | 64GB | NVIDIA 3080 Ti (516.94)