Sorry if this is a dupe, I searched but didn't see anything obvious. Lava and water only partially render at levels below 0 in the latest beta build. To reproduce create a new world then dig down to a cave that has lava and/or waterfalls. It's pretty obvious so I'm surprised I couldn't already find a bug for this.
Thank you for your report!
We're already tracking this issue in MCPE-126658, so this ticket is being resolved and linked as a duplicate.
If you would like to add a vote and any extra information to the main ticket it would be appreciated.
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