Attached are three images of vanilla 1.11.2, 1.12 and 21w05b. Note how the light blue dye item most closely matches the 1.11.2 light blue wool - it still retains this color in 1.12 and even after the Texture Update, which is obviously misleading. Dye items should be retextured again to correct this.
While light blue is the most obvious example, I'd recommend redoing all 16 colors to get rid of more subtle inconsistencies that exist for other colors.
Linked issues
is duplicated by 2
relates to 2
Attachments
Comments 21
Can confirm in 21w06a.
Can confirm in 21w07a.
Can confirm in 21w08b.
Can confirm in 21w11a.

In 1.19 Pre-1.
Can confirm in 1.19 and 22w24a.
Can confirm in 1.19.2.

In 1.20 Pre-Release 1.
Preposed fix:
[media]
In game:
[media]
Can confirm.
Note: At least for me the images are in reverse order. 21w05b, 1.12, and 1.11.2.