This does not occur anymore in Preview/beta 1.19.40.20.
One of the Minecraft Developers (Donuts1000) said that the giving out of the Vanilla Cape is taking longer than normal, so it will be extended into September. I still have not gotten it on Bedrock Edition yet. I was one of the first 1000 to get it on Java, but I have not heard anyone get it on Bedrock.
It has been fixed.
This also occurs on Linux Mint from my observations. I installed Minecraft on my new computer, but it keeps updating.
I think I know why this is happening. This is happening due to theĀ high resolution resource pack you are using. I used a 1024x resource pack, that that affected my FPS when I held an item.
It is the 20th and I still do not have it on Bedrock Edition.