Decals ignore Draw Distance values if they use the same Material

How to reproduce:
1. Open the attached “IN-13919” project
2. Open the “SampleScene” Scene (Assets/Scenes)
3. Focus on the “Decal Projector” GameObject
4. While both “Decal Projector” GameObjects are visible move the view further from the GameObjects

Expected result: One “Decal Projector” GameObject starts to fade later than the other
Actual result: Both “Decal Projector” GameObjects fade almost simultaneously

Reproducible with: 12.1.7 (2021.3.10f1), 13.1.8 (2022.1.16f1), 14.0.3 (2022.2.0b8), 15.0.0 (2023.1.0a8)
Not reproducible with: 15.0.1 (2023.1.0a9)
Couldn’t test with: 10.10.0 (2020.3.39f1) - No Decal Projector GameObject

Reproduced on: macOS Monterey 12.0.1 (Intel)

Note:

• Reproducible on a new project
• Workaround: create a new Decal Material, assign it to the Decal Projector, then re-assign the desired Material
• Not reproducible with HDRP