I can confirm this issue on my setup as well.
I upgraded MagicMirror from 2.37.0 to 2.38.0 on a Raspberry Pi 3 Model B running Raspberry Pi OS Debian 13 (Trixie), 64-bit, with Wayland/labwc.
After the upgrade, MagicMirror was running under PM2 and the server on port 8080 was working correctly, but the Electron window remained black / did not display the mirror.
I initially had Electron 44.4.5, and upgrading manually to 44.5.0 did NOT fix the problem on my system.
I then tested Electron 43.7.7, and MagicMirror worked correctly.
Finally, after seeing that the MagicMirror upgrade script had been updated to install Electron 44.5.1, I installed 44.5.1 manually:
npm install --no-save electron@44.5.1
With Electron 44.5.1, MagicMirror immediately started working correctly again under Wayland, with all my modules running normally.
So, at least on my Raspberry Pi 3B, 44.5.0 was not sufficient; Electron 44.5.1 was the version that actually fixed the problem.
Thanks for updating the upgrade script to install 44.5.1 — that was essential in my case.
Hopefully this helps anyone else who finds that upgrading only to 44.5.0 doesn’t solve the issue.