This definitely happens with synced Microsoft accounts when using split screen on the PS4/PS5. You can see by the below screenshots that the blue player connects with a correct xuid but subsequent logins do not recognise an xuid. The username shown is the PS name rather than the minecraft login. This means skins etc are never remembered for players 2 and 3.
Subsequently when one of the red players logins first the xuid is recognised and the username shown is the minecraft login. This also means the player isn't recognised and it plays as a different player.
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Confirmed this is still an issue in 1.20. This is extremely frustrating for the kids who use split screen features.
There also seems be increased frequency of game crashes occurring in 1.20 when in split screen mode which makes this worse as the relogin means skins are lost.