I started up a server on the latest snapshot and the one before this and this bug has occurred in both version. I haven't tested versions prior.
I started up the server, logged in, and everything seemed normal at first. There wasn't any lag or TPS issues. However, after traveling outside of where I initially spawn (either for the first time or after a relog), the chunks stop rendering correctly but instead display various "waterfalls".
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Thank you for your report!
However, this issue is a Duplicate of MC-138114 / MC-138108.
If you have additional information, please add it to that report.
Please search before reporting, as it's likely that one exists already.
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