My testing concludes that this issue is also causing other issues like MC-302669. Please see my comment on that ticket for an explanation.
Further testing concludes that this issue is similar and/or a product of MC-302669. In my testing, items held in the hand in third person and items dropped on the ground don’t render or don’t render correctly when banners are placed within the world. I’ve updated this ticket to mention this newly found information.
This is an account issue and not something that the bug tracker can help you with. Please contact Mojang Support regarding the problem.
Non-source language translations are done via Crowdin and may take time to be pushed into the game. I have verified that there is a translation for these items, so there is no issue here. Please be patient while the translations are pushed.
This is a feature request and not a bug with the game. Resolving as Invalid.
Duplicate of MC-303138.