URP 2D Renderer and sorting: is the z/distance to camera ignored/bugged?

I use the experimental 2D renderer with a perspective camera and sprites positioned on the Z axis.

From what I understand and from what I read there Unity - Manual: 2D Sorting, when drawn, game objects with sprite renderers are supposed to be sorted by:

Sorting Layer → Order in Layer → Distance to camera (so as the camera is positioned facing the z axis, z coordinates)

Is it also the case with the URP 2D Renderer?

Because if I set all the sprite renderer order in layers to 0, it works sometimes, but a lot of time there is some artifacts, sprites being one frame on top of the other and the opposite next frame, despite having different Z positions.

Is there something I’m missing? A bug?

… or maybe, when there is some transparency involved it changes things?

Or maybe I misunderstood it, and it’s not really correlated to the Z-order, but it is to the distance from the center of the sprite to the camera position, and therefore for large sprites there are cases where it leads to higher Z positions being closer to the camera?