It seems to be indeed. However I never experienced it in previous snapshots, it seems much more severe now. And for him it seems to be happening at distances, here it just stays like this until you break a block. And the cut-off point seems 90% now, default water texture became completely transparent, not partially.
There is not enough information in your ticket to resolve the issue. Chunk errors happen, and to fix them you need to offer details to reproduce it accurately.
If you look closely you can see a piston block with invalid ID popping up. This could potentially also be a transmutation bug.