No, you're not missing anything, on the contrary, you have something extra. I've checked this morning and the spinning dots are there but only last a second, don't even have time to complete the circle, so it's hardly worth having them, while having two sets of them would be gross redundancy of a superfluous feature.
Try this? Right click This PC in File Explorer and choose "Properties". In the System Properties dialog, click Advanced system settings on the left. Go to the tab Advanced. Click on "Settings" button present in "Performance" section. Tick the option "Animate controls and elements inside windows" and apply changes. Now, try to reboot your PC. It looks like the spinning circle is related to animation settings. No idea how they can be related. --- Edit: it helps, checked.
Maybe it depends on bios/mbr v.s. uefi/guid installations I'm on mbr and I have the spinning circles.