When inside a banner and looking out, you can see clouds, armor enchantment glint, block outline, particles, and translucent blocks.
In the screenshots you see the clouds, campfire smoke, enchanted armor, items, block outline (fabulous graphics only), water (honey also has the same issue).
Steps to Reproduce:
Place a banner
Make your camera be inside the banner
Look at the sky or any of the above mentioned things
❌ The banner renders behind them
Bluebird
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We're tracking this issue in MC-167532, so this ticket is being resolved and linked as a duplicate.
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