I am not certain how people are defining 'rapidly panning or zooming'.
This error does not occur on every pan or zoom.
But it occurs often when panning and zooming in ArcMap.
When it occurs the mosaic will not render any image, but the next pan or zoom will not error and the image displays again.
Our company upgraded all our computers to Windows 10 (64 bit) in fall of 2019.
At this time we also upgraded ArcDesktop.
Some people are on 10.6.1 and others are on 10.7.1
Not sure what upgrade caused the issue (Windows or ArcGIS)
But I just thought I would mention it since researching the errors led me to this post.