Minecraft wiki entry for Chunk, associated text: If a player stands in a chunk that has not generated yet, the world immediately becomes invisible until they are in a valid chunk. This does not happen if the Y coordinates are beyond the chunk boundaries.
In Bedrock Edition, if one of the sixteen 16×16×16 sections of a chunk doesn't have any blocks in it, placing a block there shows the same animation as a chunk loading. This bug makes the block that the player placed to turn to the same color of the sky in the direction the player is facing for about 1 second and starts fading away into the normal block texture. If the time is sunrise or sunset and the player places a block there, it actually changes colors constantly for 1 second if the player keeps bobbing their head up and down. The block also makes blocks behind it appear invisible.