VFX particles with "Bounds Mode" option set to "Automatic" not showing up when in Play Mode

How to reproduce:
1. Open the attached user project “Lite.zip“
2. Enter Play Mode

Expected result: Rain particles are visible
Actual result: Rain particles aren’t visible

Reproducible with: 12.1.7 (2021.3.10f1), 13.1.8 (2022.1.17f1), 14.0.3 (2022.2.0b8)
Can’t test with: 10.10.0 (2020.3.40f1) (Automatic bounds mode doesn’t exist), 15.0.1 (2023.1.0a12) (“Update Particle.compute: Kernel at index (0) is invalid” errors)

Reproduced on: macOS 12.5 (Intel)

Note: Issue reproducible in Builds