The issue in the project occurred due incorrect shader stripping settings.
The provided repro project had the terrain set to "Draw Instanced". It also had the Project Settings, Graphics, Shader Stripping, Instancing Variants set to Strip All. These two settings combined means that the Shaders required for drawing the terrain were not present in the player, and therefore the terrain was not able to draw.
The issue can be resolved by setting Instancing Variants to "Strip Unused" or "Keep All"