Apparently, it is quite common for AMD GPUs to show screen artifacts on Linux. Most of the times it is related to power management settings. These settings can be adjusted via amdgpu kernel module options. The parameters are different for different GPUs. In my case, I have a Dell laptop with AMD Radeon 890M GPU.

To fix the screen artifacts, run the following commands:

sudo grubby --update-kernel=ALL --args="amdgpu.dcdebugmask=0x410"

Reboot your system.