There should be no problems at all with that page size or number of views, so the appearance is likely tied to recent changes in the application logic itself. In your screenshot the editor has already finished loading the page into the embedded browser (otherwise you would still see a "Loading..." message in the editor's toolbar). The circular icon in the middle does not come from the editor itself but from something in that page or an associated script. In fact it looks a bit like a jQuery Mobile loading indicator to me.
One thing that may be happening here is something in the application's startup code has been added to call out to server-side logic (ex. a Worklight adapter call). Within the editor, the full preview server is not available so generally only the browser-side resources of an application will be functional. This allows you to use the editor for UI design work and then once you start hooking up to server-side features, previewing of the app would typically switch over to the Mobile Browser Simulator (Run As->Preview) or even native browser testing.
The best recommendation is to look for something in your app initialization process that's expecting data back and put in some temporary development-time mockups for such data. As an example, instead of making a service call to retrieve some JSON data just point to a test .json file in your project instead.