The bug.
The purple glazed terracotta texture still has the old sword pattern, you can see a border within the blade and the handle, while the current sword texture does not have a border, creating an inconsistency.
The images will help you identify the bug.
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I wouldn't say it's working as intended. Even though it's not a bug in the technical sense, it's a texture disparity that does get updated from time to time as people notice, such as with the inventory texture for signs not having the updated stems, that was fixed recently.
Related issue caused by the fix — Programmer Art does not restore the old Purple Glazed Terracotta texture. This creates a mismatch between sword items and Purple Glazed Terracotta when using Programmer Art.
Can confirm but this is probably working as intended.