Try clean install of Adrenalin 2020 20.12.1 using DDU:
you will have to run cmd and Adrenalin installer as Administrator.
Found a solution that just worked for me.
Simply do a Factory Reset. (Go to Settings and type it in the search bar).
I don't know if this is relevant, but I also deleted my 2nd Windows profile which seemed to be causing some issue with a few softwares.
Hope this helps.
I'm having the same issue. Screenshots, recording, and overlays (like Alt-Z) don't work at all anymore. I've factory reset, removed with DDU and reinstalled the latest, but it's still not working.
I saw from another thread on here someone said you can work around this issue by disabling HDCP for your monitors in Settings (gear top right corner), Overrides (right hand side of screen), disable HDCP.
Hopefully AMD gets this fixed for real soon so we don't have to disable HDCP across-the-board and they can just disable screenshot/recording when HDCP content is actually being shown on a display.