Steps to reproduce:
1. Open a Unity project
2. Import the URP/Visual Effects Graph packages
3. Add a new Visual Effect object to the scene (GameObject>Visual Effects>Visual Effect)
4. Select the Visual Effect object and click New next to the Asset Template field
5. Depending on your Unity version either save the file or choose a Simple Loop preset
6. Click Play in the Visual Effect scene overlay

Expected result: the Visual Effect preview starts playing
Actual result: particles do not show up

Reproducible with: 2023.1.0a8, 2023.2.0b11, 2023.3.0a7 (note: 2023.1.0a7 was skipped because it wasn't promoted)
Not reproducible with: 2022.3.9f1, 2023.1.0a6

Tested using MacOS