Water is completely transparent, lava and lanterns render black

While playing on version 26.2, I noticed a major rendering issue. Water is completely transparent and does not render correctly. Lanterns appear completely black, lava also renders black, and some modded items become invisible when held in the player's hand. I tested the game without any mods installed, and the issue still occurred, so it does not appear to be caused by mods. This makes the game difficult to play because it is impossible to see where water is located, increasing the risk of accidental falls or other gameplay issues.

Expected result: Water should render normally with its textures and color. Lanterns and lava should display their normal appearance, and all items should be visible when held by the player.