Reproduction steps:

1. Open the attached project “DefferedVFX.zip“
2. Open the “SampleScene“
3. Open the Game View
4. Observe the result

Expected result: The sphere has a solid non-transparent colour applied to it and is affected by the spot/point light source
Actual result: The sphere appears to be transparent allowing the 3D Cube GameObject to be seen behind

Reproducible in: 2023.3.0a2, 2023.3.0a17 ,6000.0.22f1
Could not test with: 2021.3.44f1, 2022.3.49f1, 2023.2.20f1 (Render graph not introduced yet)

Reproducible on: Windows 10, macOS 14.6.1 (M1 Pro), macOS 14.7 M2 (user)

Workaround:

1. Open Project Settings → Graphics → URP Global Settings
2. Under the Render Graph title, enable “Compatibility Mode (Render Graph Disabled)“

Notes:

• Before the 2023.0a17 version of Editor, the feature "Compatibility Mode" is replaced with another feature called "Enable Render Graph" which is working inversely compared to the "Compatibility Mode". To reproduce the issue, Enable the feature "Enable Render Graph". The issue reproduces when Render Graph feature is on. 
• Feature "Enable Render Graph" is located at Settings → Graphics