It's not an exploit in the traditional sense; Exploitation gains you something in the end. All it gives you is a new view. So, I feel that it's a secret, rather than an exploit. EDIT: Link to the secret's effects (sorry, but .mp4 wasn't allowed) Skyblock Mob Arena Secret.mp4 - Google Drive (Please don't ban me for this, I just wanted to show what it does!)
Found 2 quirks: 1. You can pick up Arrows (You can't take them into another match or out of the Arena). 2. You can block projectiles (Tested with Arrows, not with Fireballs). Those 2 reasons should probably be a warning to stop.