Particle System doesn't play when conditioned to play during GameObject movement in script

Reproduction steps:
1. Open the attached project "repro project"
2. Open "SampleScene"
3. Enter Play mode
4. Select the "Cube" GameObject and gradually increase and decrease the vertical position of it without moving it outside of the "Plane" GameObject

Expected result: the Particle System is playing when "Playing" is logged in the Console
Actual result: the Particle System doesn't play

Reproducible with: 2021.3.29f1, 2022.3.7f1, 2023.1.9f1, 2023.2.0b4

Reproducible on: macOS 13.4.1 (Intel), Windows 10 (user’s)
Not reproducible on: No other environment tested

Notes:
1. Reproduction may be impacted by [Internal link]
2. According to the user, the Particle System sometimes plays, but I wasn't able to reproduce this