With this setting enabled and a spyglass in my inventory, I'm unable to zoom.
(in survival mode)
It appears that you can zoom whether you have a spyglass or not while in Creative mode.

Was hoping to use this alongside a trinket slot.
It used to work in 5.3.0

Wonderful, thank you!

I found the issue: it turns out the ok_zoomer:zoom_dependencies tag was on the 1.21 spot (tags/item) rather than the 1.20 one (tags/items);
I'll push the fix now, but I'll take a little bit until I release 5.4.0-beta.2; I want to investigate some possibilities for improvement

Fixed on 5.4.0-beta.2