Steps to Reproduce or Code Sample to Reproduce:

@Composable
fun Foo(contentColor: Color) {
    CompositionLocalProvider(LocalContentColor provides contentColor) {
        IconButton(onClick = {}) {
            Icon(Icons.Default.Info, null)
        }
    }
}

@Composable
fun Bar() {
    Row {
        // Both icons have the same color
        Foo(Color.Red)
        Foo(Color.Blue)
    }
}

This is introduced by https://android-review.googlesource.com/c/platform/frameworks/support/+/2881006.

In that CL, iconButtonColors() will use defaultIconButtonColors.

internal val ColorScheme.defaultIconButtonColors: IconButtonColors
    @Composable
    get() {
        return defaultIconButtonColorsCached ?: IconButtonColors(
            containerColor = Color.Transparent,
            contentColor = LocalContentColor.current,
            disabledContainerColor = Color.Transparent,
            disabledContentColor =
            LocalContentColor.current.copy(alpha = IconButtonTokens.DisabledIconOpacity)
        ).also {
            defaultIconButtonColorsCached = it
        }
    }

So LocalContentColor.current will only be read once.