Steps to reproduce:

Open the attached project "G16c-StackProbe-min" (or add the attached StackProbe.cs to the Main Camera in a new project)
Open Assets/Main.unity
Make sure the Editor is in Release code optimization (bug icon in the status bar)
Enter Play Mode and wait about one second
In the Console, select "Hello from StackProbe.Start" and look at the detail pane
Select "InvalidOperationException: Thrown from StackProbe.Update" and look at the detail pane

Actual result: Neither stack trace contains a frame of the user's script. The Debug.Log trace ends at DebugLogHandler.LogFormat and the Update exception has no stack trace.

Hello from StackProbe.Start
UnityEngine_CoreModule_ProxyFunctionPointers.UnityEngine_StackTraceUtility_ExtractStackTrace_UnmanagedCallers(ManagedSpanWrapper*, IntPtr)
UnityEngine.DebugLogHandler.LogFormat(LogType, Object, String, Object[])

InvalidOperationException: Thrown from StackProbe.Update

Expected result: Both stack traces contain the user's frame (StackProbe.Start at Assets/StackProbe.cs line 10, StackProbe.Update at line 17)

Reproducible with: 7000.0.0a5, 7000.0.0a12
Not reproducible with: 6000.0.84f1, 6000.3.24f1, 6000.6.7f1, 6000.7.0b7, 7000.0.0a1

Tested on: macOS 26 (Apple Silicon)

Notes:

Not reproducible with Debug code optimization
Reproduces with Stack Trace Logging set to ScriptOnly and Full
Double-clicking the Debug.Log entry opens nothing
Also in a Development Player.log, Application.logMessageReceived and Test Runner failure stack traces