Reproduction steps:
1. Open the attached “ASDQWE” project
2. Open the “Assets/Test Scene.unity” Scene
3. In the Scene View, zoom in and out of the “Well_GPUInstancing_ON” Game Object
4. Observe the Game Object

Expected result: The Game Object fades in and out
Actual result: The Game Object flickers and at times fades out needlessly

Reproducible with: 2021.3.30f1, 2022.3.9f1, 2023.1.12f1, 2023.2.0b8, 2023.3.0a4

Note: Disabling GPU Instancing or selecting a different Fade Mode yields the expected result