Unity freezes for a couple of minutes when hiding GameObject in the Hierarchy window

Reproduction steps:
1. Open the attached project “SceneHideSpike”
2. Open the ”Assets/Scenes/OBG_SHOP” scene
3. In the hierarchy window hide any GameObject

Expected result: The GameObject gets hidden without any issues
Actual result: When hiding the GameObject, Unity freezes for a couple of minutes

Reproducible with: 2020.3.48, 2021.3.24f1, 2022.2.18, 2023.1.0b15
Couldn’t test with: 2023.2.0a13 - Unity doesn’t open and the system reports huge memory usage (419.73 GB)

Reproducible on: macOS 13.3 (Intel)