Before 22H2, if you do Alt+Tab quickly, it switches to the previous window without showing anything extra on the screen. If you hold Alt+Tab little longer, then you get that panel.
I do stuff super fast, and having this panel flash every time I do Alt+Tab is getting on my nerves
Microsoft fixed my Epson scanner issues with 22H2 but broke the Alt+Tab function.
So far the best solution I found is the this regedit
Computer\HKEY_CURRENT_USER\Software\Microsoft\Windows\CurrentVersion\Explorer
DW32 AltTabSettings set to 1
It makes alt+tab smaller in the middle of the screen. I'd still prefer it to be invisible.