Upgrade from 3.8 to 4.6 renders nothing

Hi,

I am experiencing issues when upgrading existing visuals that used api version 3.8 to 4.6. After adding privileges to capabilities.json the visual compiles fine. However, nothing renders in the visual sandbox.

I have added logs to both the visual constructor and update function, but it seems those are never called. I decided to give the demo visual a go and I am having the same troubles with that one.
I have powerbi-visuals-tools version - 4.0.5 installed
All I did is:

1. pbiviz new CircleCard
2. deleted package-lock.json,
3. changed "powerbi-visuals-api": "~3.8.0" to "powerbi-visuals-api": "~4.6.0", in package.json
4. changed "apiVersion":"3.8.0" to "apiVersion":"4.6.0" in pbiviz.json
5. hit npm install
6. added "privileges: []" to capabilities.json
7. hit pbiviz start

The result is webpack 5.73.0 compiled successfully in 3506 ms
However, when I try to load the visual in the developer visual in PowerBi.com, it renders blank. When I change the api version back to 3.8 it renders just fine...

Reproduce the blank visual with the listed pbiviz new, npm install, and pbiviz start steps. Compare package.json, pbiviz.json, and capabilities.json between API versions 3.8.0 and 4.6.0, then inspect the demo visual and browser or sandbox output. Done means an upgraded visual loads and renders in the Power BI developer visual.