I've also run into this issue on all versions of Bedrock I've played (Switch, Android, Windows). I've tested various heights just to see if that's an issue, from above sea level to at sea level to below it, yet the exp orbs are randomly not collected at any height and distance from the water.
Turning on "outline selection" mitigates the issue at least a little bit. I have a really hard time seeing the outline and yet it's still more usable than not having a crosshair while building. Example (entity shadows still overlap though):
[media]This isn't just a "funny graphical bug", this is quite a big usability issue! The choice for me is between having no cursor, or barely being able to tell what block I'm looking at.