On the Switch, single-player, ~200 MB world if that matters.  Blocks place and break with variable lag. 

Most of the time, blocks break and place with non-noticeable lag, but also not infrequently they take between a half second and ten seconds to render.

Sometimes this results in an x-ray if you step into the space that was occupied by the block, sometimes not.  (I could test this out more if it's important.)

During this time, the wireframes and other side-effects like shadows and water flow seem to update significantly faster.  You can place new blocks on the empty wireframes of previously placed blocks, for instance.  When it takes longer than a second or so, this is helpful to notice, but it's a lousy gameplay experience.

The block breaking lag makes it very annoying to dig a trench that's a specific length, for instance, as sometimes you're stuck waiting a second or longer to verify that the block was broken at all without digging too far.

I have been playing on Switch since 1.17 and didn't notice significant/persistent block breaking lag until post-1.18.30.