The text on signs (all types: hanging, wall, and standing) renders through honey and slime blocks from around 2 blocks away. The text appears on top of the block, not through it. It doesn’t seem to affect any other types of block. Effect is much more garish if the text is dyed and glowing.
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[media][media]

Duplicate of MCPE-126036

This issue is being tracked at MCPE-126036.