Shader error in 'Shader Graphs/Master': redefinition of '_Time' is thrown after changing the Material Dropdown

How to reproduce:
1. Create a new High Definition 3D Template Project
2. Create a new Shader Graph (Right-click in the Project Window -> Create -> Shader Graph -> HDRP -> Lit Shader Graph)
3. Open the newly created Shader Graph
4. Click the '+' on the left side of the Shader Graph window and add a float variable and call it "Time"
5. In the Graph Inspector (on the right), click "Graph Settings"
6. Change the Material Dropdown to "Lit"
7. Observe the Console

Expected result: No Errors or Warnings are being thrown
Actual Result: Shader error in 'Shader Graphs/Master': redefinition of '_Time' at /(258) (on metal) is being thrown

Reproducible with: 2022.3.36f1

Reproduced on: macOS Sonoma 14.5 (M1)