I did a few experiments using different combinations. Now I am able to replicate the issue consistently.
The video clips were taken by Sony mirror-less camera, 4k/30fp/HLG and I believe it shouldn't be an issue. BTW, Resolve 16.x cannot process iPhone video clips in the moment, at least some of my samples. This is confirmed by the support team.
With similar number of clips on the timeline, when I set a video clip to reverse playback, the rendered video will 'shake'/'flicker'/glitch (whatever you would like to call it

). When I revert it to normal playback and render again, the rendered video becomes normal. I repeated the process a few time, the result is very consistent.
Any advice? Thanks.