I expect that any time I open a Reader screen I'll either see a ghost view (while content is loading) or the expected Reader content.
If I open a Reader screen, see a ghost view (because content is being loaded), and switch to another tab in the app, then when I open the Reader again I see placeholder content that doesn't scroll.
This happened to me repeatedly while dogfooding the Reader, after I first logged in to the app, since it was taking a long time for my Reader feeds to finish loading.
Placeholder content|GIF
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Oof, this was hard for me to spot (you have eagle eyes!) and I agree it's easier to see it if you both have a slow internet connection and you are using an account that is following a lot of sites in the Reader. (49s) Also, in my testing, the placeholder content isn't shown very long and after it loads I can scroll normally—which I assume is why it's labeled low priority. Here are some screenshots from a test using dark mode.
Ghost view from step 3|Content still loading view from step 5
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Tested with WPiOS 16.3.0.5 TestFlight beta on iPhone 11 iOS 14.2 using account design5279 which is currently following 67 sites and 1 tag.
You need a trip to my part of the world, to experience the joys of always testing on slower internet connections. ;) The real content takes much longer to load for me, but indeed everything works fine once the real content finishes loading so I'd say it's low priority (more of a visual issue than a significant functional issue).