I created a new world in the most recent snapshot, the world generation stops at y-0, can see deep slate poking at y-1 to y-3 but there is nothing under the bedrock.
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Are you 100% certain that you're running the Caves & Cliffs datapack? In the screenshot you've provided, I can see that there are no cheese/spaghetti/noodle caves, therefore leading me to believe that no datapack was used.
Are you running the Caves and Cliffs datapack?