Im playing on Xbox one X and I listed versions above.

This is the second time this has happened.I jumped into my world we had been playing for a while. Had full inventory. I did not have any issues but when other player got in our world she had nothing but a starter map on her inventory.

Fist time this happend. (Version 1.16.0.53)My character was far away from other players spawn location. She joined the world. Had nothing but a map. Spawn location was still the same from where we left off. I was able to recover all items by quitting immidiately on both consoles. I logged back in. Ran to the same spot where she had logged off. She logged on and all the stuff was there.

Particle render distance 99

Render distance 22chunks

Simulation distance of 8chunks.

World size 140MB

Both of us were playing on different Xboxes one is X and the other one is S.

 Hope you find a solution.

-Turo