Reinstalling G8F Essentials and G8F Anatomical Elements didn't immediately solve the issue, but I think I managed to fix it.
What ultimately helped was temporarily moving out all morph subfolders from under
<My Library>\data\DAZ 3D\Genesis 8\Female\Morphs
folder except the main "DAZ 3D" one. G8F anatomy was then applying correctly. And it now continues working even after returning all the moved morphs back into the same place. Weird. :shrug: