Graphics Mode cannot be changed to Fancy by pressing the Toggle Renderer key

Summary:
The Toggle Renderer key can change the Graphics Mode from Fancy to Simple, but it cannot change it from Simple to Fancy.

Steps to Reproduce:

1. Navigate to Settings > Video and set the Graphics Mode to Fancy
2. Open a world
3. Press the Toggle Renderer key (Semicolon by default)
4. Notice the Graphics Mode has changed to Simple by observing the lack of shading on entities or checking the Graphics Mode in Settings > Video
5. Press the Toggle Renderer key again

Observed Results:
Nothing happens.

Expected Results:
The Graphics Mode should be changed back to Fancy.