Reproduction steps:
1. Open the attached “IN-110875.zip” project
2. Open the “Glacier” scene
3. Open the Frame Debugger Window (Window > Analysis > Frame Debugger)4. Enable and observe the Frame Debugger

or

1. Create a new HDRP scene and add a water surface in it

2. Enable Water Decals/Deformation on the water surface itself

3. Add any Water Decal into the scene

4. Observe the Frame Debugger

Expected result: No flickering or glitching is observed
Actual result: The Frame Debugger is heavily flickering and unusable

Reproducible with: 2023.3.0b1, 6000.0.55f1, 6000.2.0f1, 6000.3.0a4

Reproducible on: Windows 10 (user reported), Windows 11
Not reproducible on: No other environment tested