I'm sure this has been a thing for a while. You're able to add level 127 effects to potions, however, level 128+ effects on potions will default as level 1 effects.
Attempting to give level 128 effects or higher using /effect will succeed in giving the effect correctly, but potions don't seem to work with it.
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We're tracking this issue as MC-10755, so this ticket is being resolved and linked as a duplicate.
That ticket has already been resolved as Won't Fix, which means this is considered a bug but won't be fixed. The description of that ticket or the comments might explain the rationale. Please do not leave a comment on the linked ticket.
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Duplicate of MC-10755.