Hey!
Are you sure this is the Ultra shader? Normally the UI on the inspector there should change when it's been applied, and in your screenshot it's showing the configuration for the Universal shaders. (Additionally, the rendering going on here is what I would expect the Universal shader to do in this circumstance, where it's only rendering the final pass of the outline and ignoring the text pass) So please try clicking the "Ultra" button next to the shadier field on the inspector to apply that shader to your material. Please let me know if that makes a difference.
If nothing changes when pressing that button and you don't get any errors in the console, try saving your scene as that will force STM to rebuild the material settings.