When you increase the render distance up to 14, it's okay for the most part.
up to 15 and in the slight distance it begins glitching. 16 and above and all hell breaks loose. visual only: you're still in the same place and you collide with blocks as usual. Chests and particles are unaffected somehow, but can be seen through the (visually affected) walls.
Edit: after this bug, you cannot pick up any items
Edit 2: Is loaded chunks only