Reproduction steps:
1. Open the attached 'HDRPAddressableMaterial' project
2. Go to 'Window -> Asset Management -> Addressables -> Groups', then 'Build -> New Build -> Default Build Script'
3. Open the 'SampleScene'
4. Enter the Play mode and observe the color of the Cube
5. Exit the Play mode, go to the 'Window -> Asset Management -> Addressables -> Groups', then 'Play Mode Script -> Use Existing Build'
6. Enter the Play mode, observe the color of the Cube

Expected result: the Cube is transparent as when building as Default Build Script
Actual result: the Cube is not transparent

Reproducible with: 2021.2.7f1, 2022.1.0b2
Could not test with: 2019.4.34f1, 2020.3.25f1 (package dependencies errors)

Note: Build and Run as x64 shows the same result as described in the Actual result