yes, as you can see the content still 'appears' but it's not selectable, which to me mean's it's a ghost image, not the actual content.
so imagine that you click the maximize button, the window you tried to maximize doesn't really move anywhere, but behind it a giant box fills the screen (as the image above shows). that small window in the front isn't a separate window, it's the same window that is trying to maximize, so what you are seeing in that image is one single windows explorer window.
it keeps the previous window, but then adds another maximized window that fills the background.
as another forum post noted, this may be in relation to another issue of having multiple monitors stacked and the windows explorer window not being selectable in the top two monitors, unless the primary is set to the top windows.