... Update to my previous comment: the "fix" doesn't work, my bad. What really fixes it is NO FOCUS ON SCENE. You can leave a Time node in your Shader Graph, you can use a Custom Function node like I said – what really matters is to set the UI's focus on another tab than Scene. What I do is make sure I'm in the Shader Graph tab (and the Scene tab isn't visible) when I want to bake. This, at least, works.

Here is a quick fix for this bug: in Shader Graph, do not use a Time node but instead, use a Custom Function that mimics it. The name you give to the custom function doesn't matter, it doesn't need an input value either. All you need is an output float, and the function's code be as follow (i.e. if you name the output "myOutput"):

myOutput = _Time.y;

Connect the output just like you would connect a Time node and it should let your shader work without triggering an infinite loop during bake.

This issue persists in 2022.3.0, adding a time node on an offset or a parallax occusion mapping node leads to infinite preparing to bake loop

This issue is NOT a duplicate of UUM-34425 and is still happening.
2022.2.22f1 does not exist and the problem is still happening on 2022.3.0