I have the beta on my phone, and I got the cape from that. I logged into my Microsoft account to sync it, and when I next used my account on my Switch, the cape registered as equipped, but made my elytra invisible.
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Thank you for your report!
We're actually already tracking this issue at MCPE-63117, so I will resolve and link this ticket as a duplicate.
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That actually sounds kinda cool ngl. You should tell your friends that you can fly in survival then jump off something and use fireworks that have no effect.