I'm encountering a very strange screen issue on my 2020 M1 Macbook Air built-in screen. The screen pulsates colour balance, on an exact 2 second cycle. The change happens immediately (no fade), and is exactly on the 2 second mark (on the even seconds). It's hard to see on the video/GIF below, but the visual appearance is almost like night shift is being turned on and off every 2 seconds.
I thought this might be a software issue - in particular my suspected culprit was Lunar. But when I booted the Mac into recovery mode (hold power down 10 seconds on startup) the pulsating is still there:
In fact, it's even visible on the white Apple with the loading bar that appears while it's booting into recovery.
Has anyone seen this before, and is this likely to be a hardware issue requiring Apple service?