LaunchScreen Storyboard layout issue on iPhone 16 Pro Max

I currently face an Issue where the SafeAreaInsets on the iPhone 16 Pro Max is not respected on LaunchScreens. Lets say you have an ImageView whose leading, trailing and top are equal to the SafeAreaLayoutGuides leading, trailing and top.

Then you have a SwiftUI View such as the following representing the same layout in code:

GeometryReader { reader in
    ZStack {
        VStack(spacing: 0) {
            Spacer(minLength: 0)
                .frame(height: reader.safeAreaInsets.top)

            Image(decorative: "splashLogo")

            Spacer(minLength: 0)
        }
        .frame(width: reader.size.width)
    }
    .edgesIgnoringSafeArea(.all)
}

Both the storyboard preview as well as the SwiftUI preview show identical results in Xcode. Launching the app on the device however briefly shows the image below the Dynamic Island cutout until the app is launched to the SwiftUI view. Noticed this only happening on the iPhone 16 Pro Max.