Resolved
The setting to “Show only filter options that would produce results” in a View with custom search can result in expensive queries on larger sites with several filters, and the last update of Views/Blocks included efforts to optimise these to make them maximally efficient.
It seems that in some cases this has led to the setting not working at all, in particlar on the initial page load rather than when changes to filters are applied, such that filter options include options that would lead to no results.
Fixed in Blocks 1.5.3/Views 3.5.3