Reproduction steps:
1. Open the attached “IN-104928.zip” project
2. Open the “SampleScene”
3. Create a new Material (Assets > Create > Material)
4. Add the Material to the Cube in the Scene
5. Select the Material asset from the Project Window
6. In the Inspector, modify any of its properties (e.g. Metalic Map Slider, Smoothness Slider) and Save
7. Right-click on the Material and click “Show In Explorer”
8. Open the Material file in a text editor
9. Observe the “m_ObjectHideFlags” value

Expected result: “m_ObjectHideFlags:” value is “0”
Actual result: “m_ObjectHideFlags:” value is “32”

Reproducible with: 6000.0.51f1, 6000.1.9f1, 6000.2.0b7, 6000.3.0a1
Couldn’t test with: 2022.3.63f1 (GPU Resident Drawer not available)

Reproducible on: Windows 11
Not reproducible on: no other environment tested

Notes:
- Also reproduces with ProBuilder Mesh by just adding Shape to the Scene and Saving
- Does not reproduce if the Material is edited before adding it to a GameObject in the Scene