PS4, and I’ve had this three times over the last week.
First time was going from the Overworld to the Nether; no portal spawned on the Nether side, and it was a long walk/mine back.
Second time was also going from the Overworld to the Nether. Weirdly this time a portal spawned, but I didn’t dare use it. Conveniently of course I’d already mined out a route back to my base!
Last time was from Nether to Overworld. I got lucky though, because those coordinates happened to be about 50 blocks from my original spawn point in the world, so it was just a short walk (once I’d managed to get down from the tree) to get to my original base where I had a donkey tied up. Of course if this happens again I’ll have to walk all the way home.
@Petar, I broke my nether portal and rebuilt it (pretty much first thing I did as I didn’t like the location). This still happens for me.
@Scott, that seems reasonable. I wonder if the calculation is running in a different thread, but the main code isn’t waiting for it to complete?