Hand and items don't sway anymore when view bobbing is off

Before the 1.12.0 update, disabling view bobbing would only disable the bobbing effect. Now when disabling it, the bobbing and swaying effects are disabled. Disabling view bobbing should only stop the bobbing, not the swaying.
The hand started having this issue earlier than the items.

Steps to reproduce:

• Turn off view bobbing.
• Move the camera with or without an item.

Observed results:

The hand/item does not sway anymore and is completely still.

Expected results:

The item does sway, as it did in versions before 1.12.0.