Hello Travis!
You are right, I believe iOS 26 also exhibits a hang. It also seemed to struggle to close the search button properly as the icon would flicker a couple times as it was closed, but it would ultimately prevail. Also of note regarding the differences in iOS 26 and 27, in iOS 26 the search button would always appear as the final item in the toolbar as part of a (visually) separate group, whereas in 27 it is grouped with the rest like a normal toolbar item. The hang in 26 might indicate the underlying bug might actually be present there too, just with different consequences.
I am on iOS 27.0 (24A437) and personally on an iPhone 13 Pro Max, although this behavior is exhibited in both simulators and any device I’ve tried it on (admittedly limited to iPhones) as well as SwiftUI Previews. Unfortunately I did not participate in the betas so I am not sure when the bug was introduced.
I can confirm that it happens without a debugger attached; I have used this search button for the last few months in an app distributed via TestFlight (which of course uses release builds). A version of the app built with the iOS 26 SDK and one on the 27 sdk exhibit the same behavior: on iOS 26, the small hang and nothing more; on iOS 27, utterly broken.
The code was working as expected [ and still is ] in all versions of iOS 26. I have not tried it on any earlier versions.
Additionally, I did notice warnings being printed from UIKit complaining about an internal inconsistency when transitioning between button states. However I wrote this post about 5 minutes before my class began so I haven’t been able to record the messages since. I know this warning being printed is new to iOS 27 as I watch the debug console like a hawk.
Also, while we’ve got the UI frameworks teams’ attention, the view transitions between tabs in a UITabBarController (and thus TabView) are also nonfunctional currently!
I will update with more details when I get home.