How to reproduce:
1. Open attached project "AddressablesContentUpdate.zip"
2. Open "Addressables Profiles" window and activate "Editor Hosted"
3. Open "Addressables Hosting" window and disable the service
4. Open "Addressables Groups" window and choose "Use existing Build" in the "Play Mode Script" dropdown
5. Select "Build > Clean Build > All" in the Addressables Groups window
6. Select "Build > New Build > Default Build Script" in the Addressables Groups window
7. Select "File > Build and Run"
8. Select "Check for Catalog Update" option in the Player press

Expected result: Game displays "CheckForCatalogUpdates failed with status"
Actual result: Game displays "No catalog update available"

Reproducible with - 1.18.4 (2019.4.27f1), 1.18.4 (2020.3.12f1), 1.18.4 (2021.1.12f1), 1.18.4 (2021.2.0a21)