It only moves the camera, placing blocks is offset from where your cursor is and you aren't really being elevated just on your end the player camera is moved up. This issue has been around for a while now.
Broken on Android 11, OnePlus 8 Pro, 1.16.100.04
Had this issue on 1.16.40 BDS
I have this issue in 1.16.40.02
I have this bug in 1.14.6 Windows 10
This happens to me too. I was playing a 1.13.0 bedrock dedicated server (BDS), then out of nowhere, it crashes! The same server, now updated to 1.13.1 BDS, and it happened again! Nether and overworld, nothing out of the ordinary, just boom! A white screen for a tenth of a second then it closes. Nothing weird in the debug.log of the server and the server has plenty of computing power, ram, etc...
I play on Windows 10 Edition 1.13.1
Same, on 1.16.100 Ubuntu Server 20.04. Likely has something to do with this (from the changelog):
Trade discounts from Hero of the Village and Curing Zombie Villagers now match the Java Edition (MCPE-70782)