For anyone affected by this issue on Intel HD 4000 series GPUs, I have been experimenting with a community-made Fabric mod that works around the problem by forcing the game to use the old writeToTexture path. It can be found on GitHub by searching for '26.2-Invisible-Water-Fix' (by user colGem-ga). Please note that this is an unofficial workaround and has not been tested by Mojang. Use it at your own risk. I am sharing this in case it is helpful while we wait for an official fix. (PS: I've attached some screenshots showing the bug and the fix.)
colGem
For anyone affected by this issue on Intel HD 4000 series GPUs, I have been experimenting with a community-made Fabric mod that works around the problem by forcing the game to use the old writeToTexture path. It can be found on GitHub by searching for '26.2-Invisible-Water-Fix' (by user colGem-ga). Please note that this is an unofficial workaround and has not been tested by Mojang. Use it at your own risk. I am sharing this in case it is helpful while we wait for an official fix.
(PS: I've attached some screenshots showing the bug and the fix.)