Building straight up pushes player off the block, causing fall

This bug has existed for over a year and only seems to be getting worse.

When building upwards in a single block tower, eventually (especially when going fast) the game will experience what is presumably a lag. It thinks you are one block lower than you visually are and since there has already been a block placed in that spot, you are pushed to the side, causing you to fall.

Steps To Reproduce:

1. Take full blocks in hand
2. Jump up and place blocks right under player, building upwards

Observed Results:
After a while (faster when building up quickly) you will be pushed to the side, off the built tower.

Expected Results:
Building upwards causes no issues of falling when not moving in any direction but up/down (jumping).

Notes:
This happens less when taking a short break after each jump, but this makes the process significantly slower and does not fully prevent the issue.

Experienced this issue since 1.17, possibly earlier.