Opening Sprite assets or Paper Flipbook crashes the engine in 5.3

Licensee was not able to open any Sprite asset file in 5.3 without it causing a crash.
They were able to avoid this by disabling raytracing in the project.

1. Open new blank project in 5.3. (Raytracing should be enabled)
2. Import any texture file into the editor.
3. Right-click the asset and use Sprite Actions -> Create Sprite
4. Try to open the newly created Sprite asset

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