How to duplicate 1. Create 2 input fields. 2. Give both input fields values. 3. Delete the values and tab back and forth between the 2 fields. Although tabbing between the fields does move focus between the fields, and the user can type while focused, the caret is not displayed when the inputs become focused. The caret is only missing when a field has a value, the value goes from something to an empty string, and later tabbing returns focus to the input.
I can reproduce in Snippet Editor with "<input type=text value=1><input type=text value=2>" in built in Safari on macOS 12.5 beta, but not in Safari Technology Preview 148. So this appears to have been fixed in WebKit.