The wings intersect way too much in my opinion. In Java edition they do not intersect that much, they stay at the same place as if the player is standing still with elytra equipped.
Yes, it is still present in the 1.17.2 release and i believe (not tested/can't confirm) it is also present in the beta version 1.17.20.20
as of v1.19.73, the problem still occurs