When I login to my account on realms everything is fine but when my son logs into his account for split screen all of his items and are missing and he can't access his items in his ender chest like he is in a default or guest account. When he logs in before me it does the same thing to my account. He can then access all of his items but I can't access mine. When logging in as a single player both accounts are fine. This is the first time this has happened.
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I'm also hitting this very same problem. Issue started after the 1.16.210 update.
On an Xbox One, with a Realms Plus account. Bedrock edition. v1.16.210
Upon starting my Realm myself to play, my character starts off where I left off last, including experience and inventory as it was upon last save.
Adding another family member (who has a profile on this Xbox) to this Realms game via splitscreen, who has played months worth of game time in this Realm and should have inventory on their character, their Realm game starts with their character as if they'd never played before (no inventory, no experience, at the starting spawn spot of this world).
This problem is the same regardless of who starts the Realm game locally.
If my other family member starts our Realm game on our Xbox, their inventory, experience, and placement in the world is correct as of their last save. However, if I join via splitscreen, i show up with no inventory or experience and at the starting spawn point of the Realm. (and I am the owner of the Realm, and the primary on this Xbox).
This is an incredibly aggravating issue as we have countless hours into this game, that we share with our whole family (some of our other children play on tablets or other systems, some play on splitscreen). Since Realms is a paid service, please fix or we will have to unsubscribe since it's Realms is useless at this point.

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We're tracking this issue in MCPE-55815, so this ticket is being resolved and linked as a duplicate.
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@Minecraft team, I too am facing this issue, appears to occur post the last update