Water System is not rendering waves or ripples when using macOS M2

Reproduction steps:
1. Open the attached "PROJECTFILE" project
2. Open the "Assets/Scenes/SampleScene.unity" scene
3. Observe the “Pool” GameObject in Scene or Game view

Expected result: Water waves or ripples can be visible
Actual result: No water waves or ripples are visible and a Console error can be seen “Metal: Error creating compute pipeline state: Compiler encountered an internal error“

Reproducible with: 2022.3.1f1

Reproducible on: macOS 13.4.1 (M2 Max)
Not reproducible on: No other environment tested