Normal maps show up transparent with a red tint in the SpriteEditor

Steps to reproduce:

1. Open the attached project
2. Select sprite under "Assets/Bed/Magic House bed sprite.png"
3. Click Sprite Editor in the inspector
4. Select Secondary Textures in the top-left dropwdown
5. Select NM_Test from the list
6. Observe the sprite preview area

Expected result: the normal map is displayed like a normal map

Actual result: the normal map is displayed as a red transparent texture

Reproducible with: 2023.2.0a5, 2023.1.0b6, 2020.3.43f1

Note: this is reproducible on MacOS. On Windows the normal map is displayed correctly.