"Format" setting is missing from texture presets for the platforms and ArgumentException occurs on selecting them

Steps to Repro:
1. On attached or create a new project
2. Project window > right click
3. Sprites > square
4. Select sprite and click slider/preset icon in the top right corner
5. Save preset
6. Select the saved preset and select any platform

Actual result:
1. The console is spammed with errors
2. Observe that the format setting is missing for the platforms

Note:
1. The error doesn't occur when override for the platform is enabled

Environment:
Windows and Mac

Occurring with:
2018.3.0b1, 2018.3.0a1

Working with:
2018.2.7f1

Stack trace:
ArgumentException: May only be called in OnPostProcessTexture
UnityEditor.TextureImporter.DoesSourceTextureHaveAlpha () (at C:/buildslave/unity/build/Editor/Mono/AssetPipeline/TextureImporter.bindings.cs:325)
UnityEditor.Modules.DefaultTextureImportSettingsExtension.ShowImportSettings (UnityEditor.Editor baseEditor, UnityEditor.TextureImportPlatformSettings platformSettings) (at C:/buildslave/unity/build/Editor/Mono/Modules/DefaultTextureImportSettingsExtension.cs:86)
UnityEditor.TextureImporterInspector.ShowPlatformSpecificSettings () (at C:/buildslave/unity/build/Editor/Mono/ImportSettings/TextureImporterInspector.cs:1434)
UnityEditor.TextureImporterInspector.OnInspectorGUI () (at C:/buildslave/unity/build/Editor/Mono/ImportSettings/TextureImporterInspector.cs:1269)
UnityEditor.Presets.PresetEditor.DrawInternalInspector () (at C:/buildslave/unity/build/Modules/PresetsEditor/PresetEditor.cs:212)
UnityEditor.Presets.PresetEditor.DrawPresetData () (at C:/buildslave/unity/build/Modules/PresetsEditor/PresetEditor.cs:92)
UnityEditor.Presets.PresetEditor.OnInspectorGUI () (at C:/buildslave/unity/build/Modules/PresetsEditor/PresetEditor.cs:80)
UnityEditor.InspectorWindow.DoOnInspectorGUI (System.Boolean rebuildOptimizedGUIBlock, UnityEditor.Editor editor, System.Boolean wasVisible, UnityEngine.Rect& contentRect) (at C:/buildslave/unity/build/Editor/Mono/Inspector/InspectorWindow.cs:1599)
UnityEngine.GUIUtility:ProcessEvent(Int32, IntPtr)