The shield doesn't block melee attacks, for example. Spawn zombies and place a shield in either hand and put the survival game mode on.
What a person would expect is for the shield to block zombie attacks, but this is not the case. However, it also applies to any creature with a melee attack.
The shield luckily blocks projectiles: arrows, fireballs, etc. It is also capable of "blocking" explosions. And I say "block explosions" because the shield does not lose durability.
In short, the shield acts normal when blocking projectiles and "explosions". But melee doesn't block.
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In the latest Beta/Preview 1.21.0.20, this bug is no longer present. That is, the shield works again, this could have been resolved without problems and not been mentioned in the changelog