For others to replicate this, you should probably add the exr or pack it in the blend file.

I get the same result as you in rendered view.

System Information
Operating system: macOS-12.1-arm64-arm-64bit 64 Bits
Graphics card: Apple M1 Max Apple 4.1 Metal - 76.3

Blender Version
Broken: version: 3.1.0 Alpha, branch: master, commit date: 2022-01-07 23:28, hash: rB741ed5fcd2e2

Crash report:

I packed the exr file into the .blend file and edited the original post.

This is a case of use-after-free error.
One could apply P2707, then build and run Blender with this scene as described
and see the following log messages when reducing the surface strength from 1.000 to 0.900:

reached useful breakpoint site at intern/cycles/device/metal/device_impl.mm:535
generic_free at intern/cycles/device/metal/device_impl.mm:558 generic_free mmem: 0x2c04fe780  mmem.mtlBuffer: 0x17f153cc0  size: 67125248
enqueue in intern/cycles/device/metal/queue.mm:217 accessing mmem: 0x2c04fe780  mmem->mtlBuffer: 0x2  mmem->size: 0  pointer_index: 36
The mmem->mtlBuffer was deleted in another MetalDevice::MetalMem struct and -[MTLArgumentEncoder setBuffer:offset:atIndex:] would have crashed here

So first a MetalDevice::MetalMem struct is freed by way of LightManager::device_free which seems correct.
The memory of this struct is now free and undefined and will be reused immediately that is why we get a mmem->mtlBuffer of 0x2 and a mmem->size of 0 later.
In MetalDeviceQueue::enqueue the memory address of this freed region is pulled in via &metal_device->launch_params + offset
and -[MTLArgumentEncoder setBuffer:offset:atIndex:] is called with invalid parameter values.
Because accidentally mmem->size is 0 at this point this can be used to set a nice breakpoint for debugging but we should not even have this memory reference any more.
Maybe @Michael Jones (michael_jones) can have a look at this?