Using item designer, create an item with some text in Description, Short description fields (ensure you are in EN language). Publish the item.
Switch to another language which is non-english (like Chinese, Dutch or French). Unpublish the item and update the text present in Description, Short description fields.

Click on 'Publish' now. Go to the catalog item and observe the text in Description, Short description fields on the sc_cat_item record.

It doesn't show the updated text. These fields still show the text present when the user is in English language.

All releases till New York.

Here is the actual FIX which can be used to fix this issue:
1) Navigate to script includes module and open the below script include:
sc_ic_CatalogItem - https://<instance_name>.service-now.com/sys_script_include.do?sys_id=535f0c50eb3011003623666cd206fec5
2) In the script, comment line no.47
3) Add the below script after line no.53

this._copyTranslations(item);

4) Save the changes.

The issue should not be reproducible anymore.