When geometry collection is set as nanite, there is no non-nanite render data cooked.
This means that there is no fallback if the cooked build uses r.nanite 0.
This used to work with some code workaround before UE5.3 because non-nanite render data could be generated at runtime in cooked builds. Since UE5.3 we expect all render data to come from the cooked data.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-202340 in the post.