Flying with an elytra and colliding with floating flowing water sometimes doesn't reset fall damage

The Bug

Flying with an elytra and colliding with floating flowing water sometimes doesn't reset fall damage.

To Reproduce

1. Create a creative world with a large enough vertical hole.
2. Place some signs a few blocks above the bottom of the hole, as shown in the attached video.
3. Place water above the signs.
4. Switch to survival mode.
5. Give yourself elytra and fireworks and fly down the hole at high speeds.

Observed Result

Eventually you will die of fall damage.

Expected Result

Water would reset the fall damage.