microtype breaks beamer commands like \textbf

[FrankMittelbach]

Description

If a \textbf<..>{...} overlay is used at the beginning of an \item it fails and prints the <..> instead

Minimal example demonstrating the issue

\documentclass{beamer}

% ----------------------------------------------------------------------
% Packages
% ----------------------------------------------------------------------

\usepackage[T1]{fontenc}

\usepackage[verbose]{microtype}  
%\microtypesetup{nopatch=item}

\begin{document}

\begin{frame}{Overlays}{test}

  \begin{itemize}
  \item
    \only<1>{Ok} or not
  \item
    \textbf<2>{Fail!} or not
  \end{itemize}
  
\end{frame}

\end{document}

Dropping the item patch makes it work again.