The bug
Minecraft supports full 64-bit seeds. However, the Nether's generation largely ignores the top 16 bits of the seed, meaning that there are only 2^48 unique nethers in terms of terrain and structure placement; very minor things can still seemingly vary, but not to anything near the expected extent.
How to reproduce
This can be seen in any two seeds that differ by an integer multiple of 281474976710656 (2^48).
Create a world with the seed 1
/execute in minecraft:the_nether run tp -266 46 -411
Create a world with the seed 281474976710657
/execute in minecraft:the_nether run tp -266 46 -411
Expected results
As these are completely different seeds, the terrain should also be completely different, even at the same position.
Actual results
The two seeds are almost a complete match, with seemingly the only differences being with configured features.
How to fix
All aspects of Nether generation that only use 48 bits should be made to respect the full 64 bits and produce results accordingly in the same way the Overworld does.
Further notes
When this is fixed, world blending should be enabled for the Nether as to avoid abrupt cutoffs with terrain generation changing.
Is this also the case for the End terrain generation?