I see this as well looking through glass underwater.
This image is also an example of gpu visual errors caused by a beacon ray, but on a third party server (I have contacted the server developers and I confirmed the issue is on my end and caused by the beacon ray being rendered, and also was able to “fix” it by using a third party texture pack to stop rendering the ray.
Will attach a screenshot of my f3 screen later today, but the only helpful information is me using Intel Graphics 2500
I ended up uninstalling and reinstalling the game and it finally downloaded. It also fixed a problem I had with my characters not loading.
The same does not happen when looking through just water or just glass, only through glass and water.