Bone meal is consumed when used on the block underneath a waterlogged block

Summary:
Using bone meal on the block underneath a waterlogged block consumes the bone meal at a very fast rate.

Steps to Reproduce:

1. Place a waterloggable block underwater
2. Obtain a stack of bone meal
3. Switch to Survival mode
4. Target the block underneath the waterlogged block
5. Hold the use button while holding the bone meal

Observed Results:
The entire stack of bone meal is consumed in just a couple of seconds.

Expected Results:
The bone meal should not be consumed.

Video:
Minecraft 2020-12-30 16-28-29.mp4