I have not seen this error before. Working with PnP-PowerShell to apply column default values programmatically from Azure Runbooks.
The issue is that after all scripts have run, it shows the "Project" CDV as successfully applied - however, when I open the actual "Project Management" folder folder in CDV settings, it shows as "-1;#PT-77706", in red font color, AND, I'm unable to edit it.
I suppose it is important to note that I can set the radio button back to "Do not specify a default value for this location". After a refresh I cannot select the tag icon to apply a managed metadata term to the field. The button doesn't work.
Furthermore, here is the line from the Document Library's client_LocationBasedDefaults.html: