How to reproduce:
1. Open the attached user “HDRBug.zip“ project
2. Open the “SampleScene” Scene
4. Open the Animation window (Window>Animation>Animation)
5. Select the “1“ GameObject in the Hierarchy
6. Press the “Preview“ button twice in the Animation window
Expected result: The “1“ GameObject is white
Actual result: The “1“ GameObject is red
Reproducible with: 2021.3.28f1, 2022.3.4f1, 2023.1.3f1, 2023.2.0a23
Reproduced on: macOS 13.4.1 (Intel), Windows 10 (by reporter)