As of release 1.20.30, powder snow no longer prevents fall damage as intended in Minecraft Bedrock.

• Falling on top of powder snow while wearing leather boots will prevent fall damage

But,

• Falling on powder snow without wearing leather boots will deal fall damage.
• Whether wearing leather boots or not, falling through only part of a block of powder snow will deal fall damage (for example, a player placing powder snow under themselves after their feet have already passed the top of the snow block)

Here is a demo of each scenario: https://youtu.be/I5FoxlEG6v4

Combined, these changes prevent the intended use of powder snow to prevent fall damage.