Yes changing the icon configuration in process explorer or restarting it fixes it but this is an annoyance (especially as you can't bring PE forward without the icon if its hiding).
@Stephen Gragert this is not new. Now maybe your explorer started restarted more recently showing you the issue, but now I am quite confident this has always existed as a bug in process explorer.
I went ahead and wrote up the fix in this ticket: https://github.com/valinet/ExplorerPatcher/issues/3051
Of note that ticket is about Explorer Patcher essentially fixing this for misbehaving apps. I put an example in there of an app fixing it is what is needed by PE by Microsoft/Mark. Sadly PE is closed source so we can't make a PR for it ourselves and not sure how much attention it gets still.