As something that I noticed while testing this bug, you CAN escape this without relogging.
If you teleport enough times, like with this: /tp @p @e[sort=random,limit=1]
Then you aren't stuck.
However, you will then end up in a situation like
where you only see parts loaded. I hope this helps in identifying things.
Edit: It does eventually fix itself after 10 more minutes of testing. I eventually teleported to spawn and everything was loaded properly.
This seems to affect all dimensions, even custom ones via data packs.
It worked in previous snapshot 25w37a. As of the prerelease, mobs do not spawn in any dimension but the overworld.