White screen on Android Emulator, but screenshot shows it working

I'm trying to run a sample Xamarin app and I think my Android emulator is acting up. I've tried enabling Hyper-V, increasing the RAM, telling it to use the host GPU, launching the virtual device from the command line instead of the GUI, and double checking that I have the correct version of the build tools for the version of Android I'm attempting to run.

As a test I've just run the emulator by itself without an app and have discovered that it still shows a white screen even when it is apparently running, somehow. The first image is what I get when I press the Screenshot button. The second image is what I actually see on my desktop. It's been like this for over 10 minutes.

Any advice? I've been Googling like crazy and can't seem to work this out.

Have you tried simply changing the renderer?

Go on the sidebar menu, click the 3 dots>Settings>Advanced and try changing the OpenGL ES Renderer