The bug
When you come within range of a bubble column that produces a popping noise, all other sounds cut out prematurely. (seen here, grass digging)
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Confirmed.
This relates to MC-36952 as it is caused by the same problem where the sounds become rationed.
Although, it is absolutely a bug that upward bubble columns take more than x6 times the sound resources than downward bubble columns. Around 5 or 6 blocks of underwater soul sand begins to seemingly break all non-music sound to the point where block breaking sound effects become flickers as they're cut incredibly short.