Slime/Honey blocks and water do not render when under or seen through a slime mob

Slime/Honey blocks do not render when under a slime, this can be seen with the slight transparency of the slime.

Update: This also seems to be the case with water, it will not render when the player is looking at it through a slime.

https://youtu.be/g-x6a2BPrRQ