Relates to MC-278359.
Semi-transparent blocks(slime block, honey block, stained glass, etc) are opaque in front of effect icons and render the part blocked by the icons when the icons are behind them, whereas most other GUIs don't render like it.
Steps to reproduce:
Grab a honey block in your inventory
Hold it in front of the effects icons off to the right side of the inventory
This issue has been fixed in 25w16a.