Hit a crash attempting to PIE. I then attempted to run with -d3ddebug but the crash stopped and has not occurred since.
I was not able to reproduce this on a default level, only TM-ShaderModels
One other possible relevant piece of information is that I had the Rendering tests in EngineTest running in another window, though they continued to run even through the attempts where I could not repro this crash.
Result: PIE initially starts, pawn is visible, but editor freezes until crash.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-76115 in the post.