it is equally wonky on PC. This is the same behavior underwater.
It does, however, give you the ability to bypass the acceleration.
If you have toggle creep on, and hold jump, you’ll be able to remain still but still have max velocity, so as soon as you press a movement direction or untoggle creep you move really fast.
In the case described here, the character simply falls but never comes out of flying mode, which you would have to cancel by pressing the appropriate button. The character falling does seem strange however (after enabling the Toggle Creep option), so it’s been added to the bug database