I have the same issue in survival SP, have not tested creative, but it's only items that are not blocks that are invisible. Cobblestone, iron, etc. are visible. Tools, redstone dust, diamonds, coal are not. Was able to see the top edge of the coal after it has moved because a block has been placed at it's previous position. Can't confirm the position update was in cause, though, as I was unable to replicate it (but have not tried for long, either).
I have the same issue in survival SP, have not tested creative, but it's only items that are not blocks that are invisible. Cobblestone, iron, etc. are visible. Tools, redstone dust, diamonds, coal are not. Was able to see the top edge of the coal after it has moved because a block has been placed at it's previous position. Can't confirm the position update was in cause, though, as I was unable to replicate it (but have not tried for long, either).