It looks like a bright void, like the sky, but without the sun.
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Same for me

I can confirm that I'm seeing this happen as well. Forced a chunck reload using "F3"+"A", as well as quitting and reloading, and this would return after a few minutes.

Confirming this for me as well on a server of ~4 - 6 players. Lowering view distance does not help, and will also cause hostile mobs to spawn incorrectly if too low. Reconnecting will load the chunks, but has to be done every few minutes of travel.