"Convert Schema to Content Directory" option is available and does nothing on the Content Directory groups

How to reproduce:
1. Open the attached project "BugCatcher"
2. Go to Window -> Asset Management -> Addressables -> Groups
3. Right-click on the "Content Directory" and observe the contextual menu

Expected results: "Convert Schema to Content Directory" is not available
Actual results: "Convert Schema to Content Directory" is available and does nothing

Reproducible with: 3.1.0 (6000.7.0a2)

Reproducible on: macOS Tahoe 26 (M1)
Not reproducible on: No other environment tested