Steps to reproduce:
1. Open project
2. Open Frame Debugger window
3. Play in editor and enable Frame debugger
4. Navigate "Camera.Render/Drawing/CommandBuffer.../Deferred pipLights/Draw Mesh" in Frame debugger
-- Notice shader's material keyword "Hidden/pipLight/Light pass #0 POINT SHADOWS_CUBE UNITY_HDR_ON" (This is expected behaviour)
5. Build a development build with auto connect profilers enabled
6. Enable frame debugger
7. Navigate "Camera.Render/Drawing/CommandBuffer.../Deferred pipLights/Draw Mesh" in Frame debugger
-- Notice that shader has wrong material keyword "Hidden/pipLight/Light pass #0 POINT UNITY_HDR_ON"

Results: CommandBuffer DrawMesh not applying material keywords in standalone builds

Reproduced with: 5.4.0b23, 5.4.0b25, 5.4/staging (0975e5a4bcaa)

Additional notes in last edit.