Modal not hidden on ios - React Native

Question

I have a modal with a View and ActivityIndicator that I use to show the user something is loading. Here's the component:

const ActivityIndicatorView: React.FC<Props> = ({show}) => {
  return (
    <Modal animationType="fade" transparent={true} visible={show}>
      <View style={styles.centeredView}>
        <ActivityIndicator size={'large'} color={FOREGROUND_YELLOW} />
      </View>
    </Modal>
  );
};

This has been working fine. But now I have a specific situation where the variable show is changed from true to false but the modal does not disappear. This only happens on iOS, it works as expected on Android.

Any clue why?