Character Model Not Displayed Properly

Just continued play, signing in or out of a world while crouching or swimming, or entering and exiting spectator can cause this bug.
These steps are inconsistent with replicating the bug.

Items, armor, and player model will be displayed improperly, sometimes all at once.

I expect the shield to show up in my hand when held, for the character model to appear when exiting spectator mode, and for my armor to be displayed.

Shield is displayed in odd places, armor does not appear on the character, and player model can be stuck in spectator mode.