As you can see in the screenshots, chunk loading is pretty slow in the nether. Once you get this, you can stay still in the area and the screen may go blank, and reload partially.
Replication:
start new world in creative
go to the nether
start flying around
see issue
This is easier to create in lava oceans, than in enclosed area's.
java args:
// -Xmx4G -XX:+UnlockExperimentalVMOptions -XX:+UseG1GC -XX:G1NewSizePercent=20 -XX:G1ReservePercent=20 -XX:MaxGCPauseMillis=50 -XX:G1HeapRegionSize=32M
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Sorry for the wait. I posted this before going to bed. Uploaded new screenshots with F3 open. I notice that my fps is lower this update than normal. Used to get 60 fps.

This is MC-166508 just in the nether.
Please provide screenshots with your F3 debug screen open.