21w37a introduced new culling but this incorrectly filters chunks in a certain scenario as seen in the video above. Looks like "inverse" culling. This happens when not all chunks are loaded or when near the edge of currently loaded chunks. You can reproduce by flying quick, spectator mode and scrolling to increase speed makes this easier to reproduce, but this also happens in creative.
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High similarity with MC-166508, this is a duplicate!
This is not!

Affects 21w42a

Affects 21w43a

Affects 21w44a

Can confirm in 1.18 Pre-release 1.

Can confirm in 1.18 Pre-release 2.

Affects 1.18 Pre-3

Can confirm in 1.18 Pre-release 4.

Affects 1.18 Pre-6

Can confirm in 1.18

Can confirm in 1.18.1

Can confirm 1.18.2 (and the most recent snapshot)

I have just experienced this in 1.20.1 Release Candidate 1.