I just came to post the same thing, except while I've been unable to see it vanish on myself, it does appear/disappear when placed on armor stands for me. Additionally, the boots on an armor stand seem to show the enchantment effect from all angles, but not show it at all if they're the only armor piece on the stand. It does appear to only effect Netherite.
Trevor Lacey
I just came to post the same thing, except while I've been unable to see it vanish on myself, it does appear/disappear when placed on armor stands for me. Additionally, the boots on an armor stand seem to show the enchantment effect from all angles, but not show it at all if they're the only armor piece on the stand. It does appear to only effect Netherite.