This bug only occurs on my Nexus 5 and my Nexus 7 running Lollipop.
This bug also occurs in the new Inbox app by Google, when I'm going into Inbox > Settings > Notifications > any item and go back...
android:hardwareAccelerated="false" is a kind of extreme solution, as graphical performance is likely to be very bad.
If you can pinpoint the view that is misbehaving and causing this issue, a better fix would be to switch it to software rendering instead, via
Funny thing is, I haven't experienced any rendering glitches with Lollipop so far, but we did see them in KITKAT (as mentioned in this question), and only when WebViews are present on the screen.
I would recommend experimenting with toggling this on different views until the problem is isolated (especially if it's easy to reproduce).
So far, every occurence of this issue has been related to WebViews (or components that use WebView, such as AdMob). According to the AOSP Issue Tracker the problem is fixed in Android 5.0, but it doesn't seem to be the case.