Only the bubble particles show up. This has been an issue since 19w39a (as far as I know).
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Cannot reproduce. Maybe this is MC-85177?

I'm not really sure about that. The laser did render in 1.14.4 and up to 19w38b (I'm still working on the same XP farm). At first I thought it was because I disabled particles (too many bubble columns drop framerate) but the picture that was uploaded had full particle rendering (the bubbles on the laser do show up).
This is Java on Windows 10 and this is on a survival world from 1.14.4. Maybe updating the world broke this.
Tonight I'll test on a 1.14.4 Creative world that was updated to 19w40a, then test on a new 19w40a world to see if that broke it.

Is this still an issue in the latest snapshot?

This is still an issue in Minecraft 20w19a.

It’s only present when upgrading the world from 1.14.4 and older.

Confirmed in multiplayer worlds in 20w19a
Forward-resolved towards MC-165595.