These two screenshots demonstrate the issue. The first is with highlight transparent turned on, some of the red transparent objects are reflection probes. However, when show reflection probe volumes is turned on, I cannot see the volumes – only bright yellow.

A note: the yellow gets brighter over time. When first loading the area, it is a pale transparent yellow. After a while of sitting in the same space, the whole screen is eventually just opaque yellow.

Altitude and which region I'm in does not matter. You can reproduce this in a sandbox with a single probe. Toggle "show reflection probe volumes" on and you'll see its uselessness.

I'm on an apple silicon mac and have seen this happen on every viewer. I just found out some of my windows-user friends are able to use this option just fine, so it seems like this is a bug.