When going up/down in a man made/naturally generated (e.g. Village Wells) hole that's filled with water and is NOT in an ocean/river biome the ground above sea level goes invisible in 3rd person mode when the Y coordinate is around 62. I discovered this while playing survival and going down a village well, but I tested it in in creative too on some other seeds and it seems to always be the case.

To replicate: dig a small hole (2x2, 1x1), make sure it crosses Y=62, fill it with water, go into 3rd person view and go down it. Another option is just to use the seed I discovered this on:-2270710549463717159. The village is at -267 258.

I also tried this in ocean and river biomes but it seems to work fine in those.