I can confirm the issue is still present in the 1.16.201 hotfix.
Also, for anyone looking for somewhat of a temporary "fix", you can manually edit the options.txt file (to get there, press [Windows Key + R] and go to %LocalAppData%\Packages\Microsoft.MinecraftUWP_8wekyb3d8bbwe\LocalState\games\com.mojang\minecraftpe) and set the value of gfx_vsync to 0 instead of 1. That will disable Vsync. It resolved the input lag issue for me, but it did heavily drop my FPS. But, personally, I'd rather deal with lower FPS than with that unbearable input lag. REALLY looking forward to another hotfix for that...
I can confirm the issue is still present in the 1.16.201 hotfix.
Also, for anyone looking for somewhat of a temporary "fix", you can manually edit the options.txt file (to get there, press [Windows Key + R] and go to %LocalAppData%\Packages\Microsoft.MinecraftUWP_8wekyb3d8bbwe\LocalState\games\com.mojang\minecraftpe) and set the value of gfx_vsync to 0 instead of 1. That will disable Vsync. It resolved the input lag issue for me, but it did heavily drop my FPS. But, personally, I'd rather deal with lower FPS than with that unbearable input lag. REALLY looking forward to another hotfix for that...