If a tag of GameObject is deleted by resetting tag list, Unity Exceptions are thrown and the components of a gameObject are also not displayed in Inspector. Refer the video attached

Steps to reproduce:
1) Create a new project
2) Edit > Project Settings > Tags and Layers
3) Create a new tag > Assign the tag to any gameObject in Hierarchy
4) Reset the tag list in Project Settings

Actual Result: Unity Exceptions are thrown continuously and the components attached to the gameObject are no longer displayed in Inspector

Expected Result: Components attached to the gameObject should be displayed and if its tag is deleted, then the tag should be undefined

Occurring in: 2020.2.0a8, 2020.1.0b6, 2019.3.11f1, 2019.3.0a3

Working fine in: 2019.3.0a2

Environment: Both Mac and Windows

Stack trace:
UnityException: GameObject has undefined tag!
UnityEditor.GameObjectInspector.DoTagsField (UnityEngine.GameObject go) (at <4902609bbafe4d5b9dd46388c8fb5bfd>:0)
UnityEditor.GameObjectInspector.DrawInspector () (at <4902609bbafe4d5b9dd46388c8fb5bfd>:0)
UnityEditor.GameObjectInspector.OnHeaderGUI () (at <4902609bbafe4d5b9dd46388c8fb5bfd>:0)
UnityEditor.Editor.DrawHeader () (at <4902609bbafe4d5b9dd46388c8fb5bfd>:0)
UnityEditor.UIElements.EditorElement.DrawEditorLargeHeader (UnityEditor.Editor[] editors, System.Boolean& wasVisible) (at <4902609bbafe4d5b9dd46388c8fb5bfd>:0)
UnityEditor.UIElements.EditorElement.DrawEditorHeader (UnityEditor.Editor[] editors, UnityEngine.Object target, System.Boolean& wasVisible) (at <4902609bbafe4d5b9dd46388c8fb5bfd>:0)
UnityEditor.UIElements.EditorElement.HeaderOnGUI () (at <4902609bbafe4d5b9dd46388c8fb5bfd>:0)
UnityEngine.UIElements.IMGUIContainer.DoOnGUI (UnityEngine.Event evt, UnityEngine.Matrix4x4 parentTransform, UnityEngine.Rect clippingRect, System.Boolean isComputingLayout, UnityEngine.Rect layoutSize, System.Action onGUIHandler, System.Boolean canAffectFocus) (at <98ff1732e5d04ac6a96f32fd084b153f>:0)
UnityEngine.GUIUtility:ProcessEvent(Int32, IntPtr, Boolean&)