Reproduction steps:
1. Open the “ReproProject“ project
2. Open the “Assets/Scenes/SampleScene“ scene
3. Select the “Sphere“ GameObject in the Hierarchy window
4. Change the "Test Value" value to "Default", "Light1" and "Light2" values in the Inspector window
6. Observe the Console window

Expected result: No errors are thrown in the Console window
Actual result: “IndexOutOfRangeException: Index was outside the bounds of the array.“ exception is thrown in the Console window

Reproducible with: 2022.3.14f1, 2022.3.16f1, 2023.2.4f1, 2023.3.0a17
Not reproducible with: 2021.3.33f1, 2022.3.13f1
Fixed in: 2023.3.0a18

Reproducible on: Windows 11 Pro (22H2)
Not reproducible on: No other environment tested

Note: Selecting the “Test Value” property’s values one by one from the Dropdown does not throw an error