Height view distance is too short even on highest setting (cloud related)

Rendering of high blocks trough clouds is nearly transparent (pretty much invisible) at what seems a fixed distance.

This doesn't happen if you disable "beautiful skies"

It seems to be a cloud-layer related bug

I am working on a 188m high building and at floor level, a big chunk of it (over 40 blocks) doesn't render. Even when I am sitting under it.

Which basically means that vertical render distance is SHORTER than horizontal render distance, which doesn't make any sense. Please render the whole z-length of loaded chunks even above clouds.

Note: It only happens when rendering UP. If I stay at the top of the tower, I can see all the ground as far as the normal rendering distance allows

P.s.: It seems to be related to the cloud layer. Even without clouds the blocks above it are pretty much transparent or close to it, if I move around the building in CERTAIN angles I can see a hint of the chunks

Further confirmation: disabling "Beautiful Skies" fixes the problem - confirmed then, the cloud layer makes everything opaque even when there are no clouds.