Summary:
Falling items further away can visually float in the air when the player moves away to approximately the distance where the items are not rendered. In fact, items are falling, not in the air.
Also, items can visually "bounce" very high or even "fly" away in a random direction. This is possibly part of MCPE-101102.
I came across this behavior while testing a cane farm.

Steps to reproduce:

1. Place 2 observers in the air facing each other (to make a "redstone clock").
2. Place the dropper next to one observer.
3. Fill it with any items.
4. Move away from the building a little further than the item's render distance.
5. Return to the building.

Steps to reproduce 2:

1. Import the world cane farm.mcworld .
2. Start the mechanism by pressing the button (sometimes it does not start the first time).
3. Wait until the mechanism finishes its work (do not go to the other end of the field).
4. Go to the other end of the field and observe the visual placement of items.

Observed results:
Some itemss visually fly in the air. You cannot pick up them.

Expected results:
Items will visually be where they actually are (on the surface).

Video:
cane farm.mp4
repro1.mp4

Screenshots: