All item entities will render in front of all entities that aren't items, including mobs, players, item frames, and boats.
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Can confirm, behaviour changes in X and Z directions (In both, honey block and prismarine shard are thrown behind the blocks)
Items which do not use block textures as the texture when dropped render infront of chests and possibly more entities(E.g. blocks like bedrock, stone and oak planks render properly. Items like sticks armor and tools do not. Glass is an exception to this.) Ghast fireballs render infront of ghasts even though the fireball is behind.