Shader Graph 17.0.3 - actual shader doesn't match the preview at all

Hello,

I have a shader-graph shader that has been working fine on previous versions, tested up to shadergraph 14, but on the latest 17.0.3 under Unity 6.0 the nodes end result do not match the actual shader in scene or in game at all.

This is the part of the graph I made, see the preview under the node, and see the MainPreview as well as the material preview. I have the node connected to the BaseColor output.
The graph does this on both URP and Built-In (haven’t checked HDRP).

The shader is Unlit, Transparent with Alpha (alpha is 1 at the moment. when I plugin this in to the Alpha output, the entire thing disappears obviously).

I’d appreciate the help to figure out why there’s problem with the rendering of this part when it works in the preview as well as previous versions.

If anyone sees this from Unity’s side, I’d appreciate some hints as this looks like a bug within shader graph.