Here's a temporary workaround I'm using till next week, if anyone's interested (it's that crippling of a bug for me):
I went to the developers options and set display cutout to tall cutout.
Now the notification icons show properly, but the camera punch out on the left side of my mi 10 ends up covering the clock. However, I can use an lsposed module I already had installed called Simplicity Tools (note to mods: before making the bug report, I had tried completely disabling Magisk and LSposed) to make the clock smaller and have it fit between the left edge and the cutout. Now the network speed indicator is cut out, but I can live with that
Again, this is just a workaround and in no way an actual fix, but it will do for this week