Since the version update on 04 December 2015 when walking on a planet at a low altitude the terrain completely disappears on that plate, in order to get textures one has to be 4 blocks or more up and even then they tend to disappear for some reason.
-confirmed-
depends on viewing angle
you also can not see anything inside the core while in build mode
in 1952
my flying stick got invisible after jumping around at a planet
and reappeared outside of the athmosphere