You can't craft a cake instead it will drop right after crafting it. The next time you craft something the item you crafted will be dropped. It won't get fixed unless you create another world and try to craft there.

It is a continuous bug unless you find a way to fix it. In multiplayer mode we tried it but my co player are not encountering problem instead my character is the only one who is affected because I was the one who crafted the cake. The upside is it will return the bucket but the other ingredients and the milk will be consumed but there is no cake. It will also keep on going when you craft other stuff the item will be dropped automatically.