Text displays with transparent text do not render entities behind them

The bug

If a text display has transparent text on it (text_opacity set), no entities are rendered behind the actual text. This includes tile entities such as decorated pots, chests, etc.

See the attached image for an example. The left decorated pot has a text display with non-transparent text in front of it; the right decorated pot has one with transparent text. The decorated pot and the chest behind the text aren't rendered.

Steps to reproduce

Run the following command to summon a text display with transparent text:

summon minecraft:text_display ~ ~ ~ {text:text,text_opacity:120,background:0}

Observed behavior

The text will be transparent. Any entity behind the text will not be rendered.

Expected behavior

The text would be transparent and could be seen through. All entities behind it would be rendered, subject to alpha compositing.