Reproduction steps:
1. Create a new URP Template project and create a new Scene
2. Create a UI panel and a Cube
3. Set Canvas Render Mode to World Space
4. Create a Transparent Material and attach it to the cube
5. Make sure that the Cube's center is further away from the Camera than the Panel's center

Expected result: Transparent Cube and Canvas will be rendered based on the perspective
Actual result: Canvas is always rendering first and the Cube is rendered on top

Reproducible with: URP 5.3.1 (2019.2.0a14), URP 6.9.2 (2019.2.21f1), URP 7.2.1 (2019.3.4f1), URP 8.0.1 (2020.1.0b1, 2020.2.0a2),
Not reproducible with URP 4.10.0 (2018.4.18f1), URP 5.2.3 (2019.2.0a14)

Notes:
1. GetComponent<Camera>().transparencySortMode = TransparencySortMode.Perspective; does not resolve the issue
2. This is a package regression. Regression version: 5.3.1
3. Video attached in Edit