The animation that typically shows an item move toward the player when said item is picked up is missing. The item simply disappears as it is added to the inventory.
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Not quite the same issue, I believe.
Even as I look directly down at the item, it does not move towards me at all, but just disappears into the inventory. It appears the animation is totally missing, not just altered.

Clearly a duplicate of MC-48577.
Try in 3rd person mode.
I've done as you suggested, and given it a look in 3rd person. From what I can tell, the object makes no movement towards the player whatsoever as it is picked up. If it does move, it is completely indiscernible to my eye. I suppose it should be noted that my MC typically runs at a consistent 30 fps, so if the object moves at such a speed, my framerate could possibly prevent me from witnessing such a movement, although this seems very unlikely, as I was not once able to catch the object in motion towards me, and I tested this for a few minutes.

At 50...60 fps I can see the movement animation, see my screenshots in MC-48577
Duplicate of MC-48577