Decals do not get projected when 'Rendering Layer Mask' on a GameObject is 23rd Layer or above due to encoding/decoding issues

Unity: Materials

6.2.X

6.1.X

6.0.X

2022.3.X

2022.3.18f1 onwards

Reproduction steps:
1. Open the attached “Rendering Layers Issue.zip” project
2. Open the “_TestScene” Scene
3. Observe the Cube in the Scene view

Expected result: “Cube” GameObject has Decal on it
Actual result: “Cube” GameObject does not have Decal on it

Reproducible with: 2022.3.56f1, 2023.2.20f1, 2023.3.0a18, 6000.0.33f1, 6000.1.0b1
Not tested: 2021.3.47f1

Reproducible on: Windows 11, macOS 14 (M2 Ultra)
Not reproducible on: No other environment tested

Note: