Reproduction steps:
1. Open the attached project
2. Right-click on the Project tab and select Two Column Layout
3. On the bottom of the Project window locate the Icon Size slider and set it to the largest icon size
4. In the Asset folder select "Broken Material"
5. Duplicate by pressing CTRL + D
6. Observe materials preview

Expected result: "Broken Material 1" has a pink preview
Actual result: "Broken Material 1" has the correct preview

Reproducible with: 2020.3.34f1
Could not test with: 2019.4.39f1, 2021.3.3f1, 2022.1.2f1, 2022.2.0a16 (errors in console, materials always pink)

Reproduced on: Windows 10

Note: "Broken Material" and "Broken Shader" are copies of "Working Material" and "Working Shader" respectively. To refresh the preview in Project window press CTRL + S and then cancel saving. Not reproducible with URP