Stencil broken when rendering sprites with GPU instancing on

Reproduction steps:
1. Open the “IN17478_SpriteInstancing“ project
2. Open the “Main” scene
3. Observe the arrow sprites in the Game view

Expected result: The sprites are clipped by the grey background sprite using the stencil
Actual result: The sprites are not clipped

Reproduced in: 2020.3.40f1, 2021.3.11f1, 2022.1.17f1, 2022.2.0b8, 2023.1.0a12

Reproduced using: macOS Monterey 12.0.1 (Intel), Windows 10

Notes:
1. Expected result can be seen when “Enable GPU Instancing” is disabled for “SpriteMat” material
2. Also reproduced in Player