The bug
When putting the spyglass in the offhand, the texture is the same as when you are using it (the item is pointing forward, instead of upwards).
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Can confirm in 20w51a. Since the spyglass model has been changed, I've provided an updated screenshot.
Hey there!
I was able to reproduce this bug. Repeating this same concept with any item usually flips the texture but in this case, it doesn't.