I don't really know what you mean by 'flying underwater', could you at least attach or provide evidence or some sort of proof to avoid misunderstandings?
Do you mean whilst using an elytra underwater or flying in creative underwater?
The bubbles most lightly don't appear in pic 2 since you introduced the water after the magma block was placed. Meaning that it was first surrounded in air, which we all know if it's any of the neighboring blocks of the magma block. its registered as invalid and prevents from bubble columns from being created, which in turn lead to when you placed the water above, the values never fully updated; therefor making it appear as the magma block was still surrounded in water even when it actually wasn't.
It only works when any neighboring blocks start of as being a water source, instead of air.
But I'm sure this is currently being worked on and being fixed.
Apologies for any misunderstandings and my incapability to structure sentences in this post.
Oops, my apologies
This relates to MC-125216