I'm guessing that the rendering is actually more accurate in Preview, not that it helps. Reader has an awful habit of displaying all blacks in CMYK documents as composite, which has bitten me occasionally when going to print…
They don't think it's a bug, as it was marked "as intended" or something.
But I'd disagree. No Adobe software does this by default. Trying to simulate a reflective medium in a emissive one by decreasing the latitude can be useful at times, but simply showing it like that with no option to turn it off seems crazy to me.
And you are right - this started pre Sierra already (can't remember which version)