Items do not render behind transparent blocks while being picked up

The bug

While you pick up an item, it will not render behind transparent blocks such as water. This seems to affect all kinds of items.

To reproduce

1. Stand in one block high water
2. Throw an item
3. Pick it up
   → It will disappear while you pick it up

Video

Minecraft 1.15 Pre-release 1 2019-11-21 23-16-49.mp4