Question I could use help understanding why GPU instancing isn't giving me the expected results (URP)

I'm doing some basic testing so I can grasp GPU instancing. I've got four different examples below that are giving me the same results as far as I can tell. I'm using the Universal Render Pipeline for what it's worth.

I thought that by using 1 material and enabling GPU instancing, I would see fewer batches and some changes in the Frame Debugger.

Can anyone tell me what I'm missing?

3 cubes / 1 material / GPU instancing ON:


3 cubes / 1 material / GPU instancing OFF:


3 cubes / 3 materials / GPU instancing ON:


3 cubes / 3 materials / GPU instancing OFF:

 

In case it helps anyone in the future, I found some helpful links and information about this issue here.