@Clancy117 - Yes. The Bee Mount seems just like you said.
I crafted a full stack of Abeemonations and set out on my quest!
There's a Sky Island right above my Jungle's surface and I was able to reach it with my first flight, but after that one it seemed like its flight-time was still on its internal-cooldown period. I didn't save and quit to try it again, but it never hit that height again after the first time.
I'd say there is a bug with that bug... heh! But hey, there's always the Pigron Mount.