“PlayerPrefsException: Could not store preference value“ when root project entry does not exist

Reproduction steps:
1. Open the attached project
2. Delete the project folder in the Registry Editor
3. Enter the Playmode
4. Observe the Console

Expected result: PlayerPrefs “Amount“ is displayed in the console
Actual result: “PlayerPrefsException: Could not store preference value“ error is thrown

Reproducible with: 2021.2.0a1, 2021.3.24f1, 2022.2.16f1, 2023.1.0b12, 2023.2.0a13
Not reproducible with: 2020.3.48f1, 2021.1.28f1

Reproducible on: Windows 10