Reproduction steps:
1. Open the attached “ParticleSystemArc.zip” project
2. Open the “ReproScene” Scene
3. Select the “Particle System - Shape - Arc 0 & Loop” GameObject from the Hierarchy
4. Play the Particle System
5. Observe the Scene view

Expected result: Particles are spawning and are visible
Actual result: Particles are not visible

Reproducible with: 2021.3.25f1, 2021.3.43f1, 2022.3.43f1, 6000.0.15f1
Not reproducible with: 2021.3.24f1

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

Note: The “Particle” count in the Scene view shows that 50 Particles are in the Scene even though none of them are visible