Shader is missing when "Strict shader variant matching" is enabled in the Player settings

How to reproduce:
1. Open the attached project
2. Make sure the “Strict shader variant matching” is enabled in the Project Settings → Player → Other settings → Shader settings
3. Build and Run the project
4. Observe the Capsule shader

Expected result: The shader is found and used
Actual result: The shader is missing resulting in the Capsule being pink

Reproducible with: 2022.3.15f1, 2023.2.3f1, 2023.3.0a18
Can’t test with: 2021.3.33f1 (No “Strict shader variant matching” option is available)

Reproducible on: Windows 11 Pro
Not reproducible on: No other environment tested