QQC2 BusyIndicator does not inherit visibility from parent consistently

import QtQuick
import QtQuick.Controls

Window
{
    width: 640
    height: 480
    visible: true
    title: qsTr("Hello World")

    Rectangle
    {
        id: rectangle
        visible: checkbox.checked
        color: "lightblue"
        anchors.fill: parent

        BusyIndicator { anchors.centerIn: parent }
    }

    CheckBox
    {
        id: checkbox
        //checked: true // Works as expected if this is set
    }
}