WikiModel doesn't support ending nested lists. It only supports ending the whole list. List handling seems to be deep in some list balancing code, I didn't dig deep enough if we could somehow force it to produce the end event early but I have the impression that this could be possible. In theory we would also want to wrap the whole content in a group syntax but that's impossible to detect without a heavy lookahead that we currently don't have.
I would be quite surprised if the XWiki syntax renderer handled this situation correctly even with a correct XDOM unless the XDOM would wrap the content after the nested list in a paragraph but I didn't test that part yet.
A rendering test to reproduce at least the parser side: