Nether Chunk render distance setting not working

In the current snapshot, render distance setting is completely discfunctional (the number doesn't matter, it appears to be capped:

https://imgur.com/a/98xg9CO

2 screenshots, one with 29 chunks render distance, and the other with 12. No visual difference, and suprisingly no lag (my system would often become incapable on 30 chunks on the previous snapshots)

Correction: The difference exists, but it is very disproportional (example: increasing rendering distance from 20 to 32 only allowes to see 5-6 blocks further)