Clear Coat looks incorrect in the Preview when Energy Conservation on Material is enabled for non Substrate rendering

Enabling Energy Conservation on Material makes Clear Coat Material look weird in Preview. It looks fine in the Level Editor, but not in any "Preview" type viewport (Material Editor, Asset Thumbnails, etc.).

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However, when the Subtrate feature is enabled, it looks normal again.

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This problem can be reproduced in UE5.3 and UE5.4 Preview 1.

1. Create a Clear Coat material.
2. Base Color should be vivid like R=1, G=0 and B=0. Meallic = 1. Also, Clear Coat Weight should be 1.0 and less Clear Coat Roughness (like 1.0) to make it more noticeable. The other values are free (e.g. Metallic 1.0, Roughness  0.0)
3. Confirm the material looks red with Clear Coat effect in the preview viewport.
4. Open the Project Settings and tick Enable Energy Conservation on Material.
5. Restart the editor.
6. Open the material and see it is impossible to see Base Color.

Note: The reproduce project, MaterialTest.zip is attached to this ticket. Open "Test" level to see that Clear Coat material works correctly in the level editor viewport. Then open the material Content > Developers > MI_ClearCoat_Inst and see it looks just black in the Preview viewport.