‘Assertion failed’ and ‘ArgumentNullException' when creating a new Material while ‘Opaque Texture’ is on

Reproduction steps:
1. Open the attached ‘URP2022' project
2. Open the ‘SampleScene’
3. Observe the ‘Assets/Settings/URP-HighFidelity’ in the Inspector
4. Toggle on the ‘Opaque Texture’ property
5. Create a new Material
6. Observe the Console

Expected result: No errors are in the Console
Actual result: Multiple ‘Assertion failed’ and ‘ArgumentNullException: Value cannot be null' are in the Console

Reproducible with: 12.1.7 (2021.3.4f1), 13.1.8 (2022.1.4f1), 14.0.3 (2022.2.0a18, 2023.1.0a1)
Could not test with: 10.9.0 (2020.3.35f1) (Default Renderer errors)

Reproduced on: MacOS 11.6 (Intel)

Note:

• The issue is not reproducible if any Camera is present in the 'SampleScene’