I have an example project here: https://github.com/marceloexc/dswaveform-26-issues
I've only tested it with a Table, but it might affect List's too. If you comment out audioFiles so that it only has <= 4 items, it will work. More than 4 items and it just gets stuck and never renders.
The example project also shows that a placeholder: (here I use a .linear ProgressView) never animates either. It doesn't do the bounce, it just stays at some weird initial position.
Tested on the latest macOS 26 Beta 9