Caves almost entirely stop generating below Y = -30. The only caves that generate seem to be lava pockets and amethyst geodes, and it is incredibly rare to find a cave that comes within 30 blocks of bedrock.
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No. Because nearly all cave gen stops before it should. The older cave cutoff is different (I think it's intended?). I am talking about how the new caves get cutoff well before bedrock, so it is definitely a different issue. @tacofire
This is MC-214843.
Noise caves are more rare and thus this part of the world seems more empty. But they can and will generate there, as can also be seen in your screenshots.
Does MC-214843 describe your issue?