Yes, the Minecraft Farlands are caused by precision issues of floating point numbers. The game becomes jittery as it tries snapping to fewer and fewer precise digits. This is most obvious at first in the selection box around blocks, but the terrain also becomes unstable after a certain point.
Note that one Youtuber KurtJMac has been walking to the Farlands since 2011. He's been raising money for charity as part of those videos/streams. He's roughly 40% of the way there.
Note these are seperate issues, caused by the same underlying issues with float precision.
Some game engines solve the jittery rendering issues by moving the world relative to the player/camera, rather than the opposite (though it may be more intuitive). This way all your shaders work in nice accurate low floats relative to the camera at the origin, no matter the player location in the world.
But to implement worldgen with relative coordinates would be much more complex.
Another YouTuber beat him to the punch about 2 years ago actually! Here's the moment from his stream where he finally reached the Farlands [volume warning]: https://youtu.be/VAvQ_kT73W4?t=25696 (at the 7:08:17 mark)
Note that one Youtuber KurtJMac has been walking to the Farlands since 2011. He's been raising money for charity as part of those videos/streams. He's roughly 40% of the way there.
https://www.farlandsorbust.com/
https://www.youtube.com/user/kurtjmac