After some further troubleshooting, went with a reset. Much to my surprise, rebooting after the reset/clearing all user data brought me to a readout that (as far as I know) shouldn't exist. I could scroll through several pages (just like during a dive), but the pages included both the dive pages and the run pages. Additionally, the dive counter was STILL running from before the reset. After thouroughly discussing this all with a Garmin support tech, I sent them my device files for analysis and they are replacing the watch.
This sounds like a serious bug, the big question is, if anyone else ran through this issue or if it was a single case with your watch.
Would you mind keeping us posted on this issue?
If I have any further developments, I'll be sure to let you know. One of my hopes with the post on here was to bring attention to the issue and spark the troubleshooting discussion, as I was not able to find anything when I started looking into it.