The item-held-in-hand animation does not play smoothly

This bug was introduced in the 1.21.70.3 update! I experience this bug on my PC and on my PlayStation5.
All items have a slight up and down movement when held in hand. This movement is, for some items, not smooth — for example, the arrow. I experienced it also with other items, but I use the arrow here as an example.

Reproduce:

• Create a world

• Get an arrow

• Get a sword (so you can see how the animation should look like)

• Observe how the arrow jitters up and down when holding it, while the sword has a perfectly fine movement.

Expected:
All items have a smooth animation when held.

Observerd:

Some items jitter.

Down below I posted a video in which you can see the bug. You see how the arrow jitters in the hand, while the grass block or the sword move smoothly.
Due to the decreased quality of the video, you may have trouble seeing the bug. In this case, reproduce it yourself!