The issue happens with both Legacy and 25th anniversary editions from Steam. Yes, the RX 550 is a low-end GPU, but it's extremely overkill for a game from the year 2000.
If I switch to the integrated graphics (Intel HD 4000), the game runs perfectly fine. I've tried most AMD drivers (performing a clean install by nuking the old drivers with DDU every single time). I've tried the most up to date driver for this GPU (24.3.1) and some drivers from 2022 before AMD supposedly fixed a bunch of OpenGL issues. All of them show the same behavior.
Does anyone know how to fix this, if it is even fixable at all? Or who's at fault, Valve or AMD?