Not sure if this is an emu bug or something on my end but rarely while in-game the textures will randomly crap out & look like that until I exit/re-enter the level, was able to record it this time.
Some info if it helps:
Was using the D3D11 backend on Dolphin 5.0-10912 with pretty much every setting that gives a speedup on, not sure if it happens with other backends/settings since the bug seems to be completely random & kinda rare.
Specs:
Windows 10 (64-Bit, Ver. 1903)
AMD A6-6310 Quad-Core APU (1.80 GHz)
AMD Radeon R4 Graphics
4GB RAM