Reproduction steps:
1. Open the attached "1408241Rep.zip" project
2. Open the "SampleScene" Scene
3. Enter the Play mode and observe the Scene

Expected result: Multiple particles are rendered
Actual result: One particle is rendered

Reproducible with: 12.1.6 (2021.2.17f1), 13.1.7 (2022.1.0b14), 14.0.2 (2022.2.0a9)
Could not test with: 7.7.1 (2019.4.37f1) (Active Targets not supported in 2019.4), 10.8.1 (2020.3.32f1) (No Support VFX Graph option in Shader Graph)

{color:#de350b}NOTE: Happens with Single Pass Instanced only, MultiPass works fine{color}