The position the shield is when you are not blocking is different. In the regular view, it is closer to the shield. However, the front and back third-person modes have it to the side. I have attached 6 pictures, with all 3 view modes with blocking/not blocking.
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Works as intended. Its like holding anything else. It's not really up in your face, but you can still see it.
Confirmed but very likely working as intended otherwise you couldn't visually see if you are holding the banner in the hand.