apitrace?
Although given that the game clearly works on Linux, my guess is that this is just some random AMD Windows driver breakage.
Happens also on Linux with RDNA2 cards and amdvlk-pro driver, whereas amdvlk-open is fine. So I think this can be closed (and ideally reported to amdvlk bug tracker).
Nothing extracted yet.
Software information
Just cause 4 weird texture flickering issue tried it on max settings as well as low settings.
System information
Log files
D3D11
JustCause4_d3d11.log
DXDI
JustCause4_dxgi.log
Screenshots