This was caused by the mb_data->obmat[] being wrong because they are
now shared between the particle system and the object.
But Hair need the dupli parent matrix instead of the object matrix.
Disabling Show Emitter option fixes the bug.
To avoid this problem, request a different EEVEE_ObjectMotionData
for particle systems using a different key pointer in the hash.
This is a bit dirty but there is less code polution using this workaround.