Question Shader Graph Unlit Transparent Mat doesn't render over URP Unlit Transparent Mat

Hi,
I created a new Shader Graph Unlit Material which only has the Unlit Master node.
Attributes - Surface: Transparent, Blend: Alpha and Color: Red

In total, I have 3 materials;
Mat 1. (Red Color - Case 2) Using the above Shader Graph Unit Material
Mat 2. (Red Color - Case 1) Using the Default URP Unlit Material set to Transparent and Alpha
Mat 3. (Black Color - Both Cases) Using the Default URP Unlit Material set to Transparent and Alpha

Case 1: Using 2 & 3

As you can see, the sphere is ahead of the cube and is being rendered on top with red color.

Case 2: Using 1 & 3

Here, for some reason, the cube is getting rendered on top of the sphere.

Is this behavior expected? If yes, then what is the resolution?
Also, wouldn't you expect the Shader Graph Unlit Master node to behave like the default URP Unlit Shader?

 

Probably same issue here. Shader behaves as if it were opaque.

Tried clearing the cache at no avail.

 

What SG and Unity version are you on? I'm on 7.4.1 and 2019.4 and I'm able to put an Unlit SG mesh in front of a Unlit URP mesh fine. Is the Priority on the URP shader and the Render Queue on the SG shader correct?

 

After some research I noticed that the texture was not imported with alpha for some reason. Strange, as I have a profile that I apply to every texture I import.