It will not launch via a desktop icon, either in the menu or taskbar. It partially starts but does not get to the login screen before stalling out and needing to be killed.
It will, however, launch normally simply by typing “steam” in a terminal. The steam client on my machine has been acting oddly recently. The main window launches with 100% transparency and is invisible, however you can find the edge handles and drag it to a larger size, at which point it becomes about 50% visible.