if a potion of invisibility is used, the elytra goes invisible with the player. this is most likely a bug since all other armor pieces don't go inivisble.
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Capes are purely decorative, so players wearing them would have an unfair disadvantage if the capes didn't go invisible. Which is not true for the elytra. But maybe the elytra should get the generic color when invisible so that players can't be identified by their cape.
Kumasasa: But with capes you do not have the option of taking them out of your armor slots. Still rendering capes while invisible would make the invisibility effect quite pointless for people with capes.
The capes also become invisible when the carrier is invisible.
Since the Elytra are replacing the cape, that seems quite intended.