Visual Effect sharedMaterial is null for a few frames when entering the Play Mode

Reproduction steps:
1. Open the attached project “CrashRepro”
2. Open the “Assets/Scenes/SampleScene.unity” scene
3. Enter the Play Mode

Expected result: The Play Mode is run without any errors/messages
Actual result: “Shared material is null” message is visible in the Console

Reproducible with: 2022.3.11f1
Not reproducible with: 2022.3.12f1, 2023.1.20f1, 2023.2.0f1, 2023.3.0a14

Reproducible on: macOS 13.6 (M1 Max), Windows 10
Not reproducible on: No other environment tested