Specific water material is not rendered in the Editor and in builds

Reproduction steps:
1. Open the attached 'HDRP_2022-2_Testing' project
2. Open the 'OutdoorsScene'
3. Observe the Scene view

Expected result: Water is present on the terrain
Actual result: No water is rendered

Reproducible with: 2022.2.0a11, 2022.2.0a14
Not reproducible with: 2022.2.0a10
Could not test with: 2019.4.39f1, 2020.3.34f1, 2021.3.3f1, 2022.1.2f1 (can't load the water material)

Reproduced on: macOS 11.6 (Intel)

Notes:

• Issue shows up in the Scene and Game view, in builds