It's not new to 4.0, but I just discovered the bug and I thought I would bring it up
So just to clarify something that's easily misunderstood, the Alpha/Beta forum is, literally, for bugs found that are only in WP's current Alpha/Beta version :) That's why I clarified.
The related ticket 28676 mentions reading the exif data, but wordpress should also write to that data when a user is editing the image.
I think that would fall under https://core.trac.wordpress.org/ticket/14459
3 years ago we were pushing GD instead of ImageMagick so that may be a large part of this.
Related: https://core.trac.wordpress.org/ticket/28916
I'm marking resolved as I think we can follow up in #14459