There is a texture mismatch between the expected texture samplers and actual texture samplers for SingleLayerWater materials that use the Material Function StencilMaskCompare.
Also tested on UE5.5, CL: 36410558
1. Download the Licensee's test project and open (see addl. info URL 2)
2. Open the asset "M_WaterWithDepth"
3. Observe the crash
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-224884 in the post.