By coincidence, I made a discovery that if I have Live open in the background with atleast two M4L plugins loaded and I start browsing any image heavy website (e.g. Imgur), the problem gets solved until the next time I open Live again.
I'm not an expert on this matter, but I'm guessing when browsing Imgur, Ableton's graphics data gets stashed temporarily to make more space on the VRAM side. When switching back to Live, the graphics get reloaded and displayed properly.