I was able to reproduce the error (on my machine the error occurrs after 66 minutes).
I attached the processing log zipped because it was a little too big unzipped. Here's the start and end of the log (I attached the complete log in a zipfile):
2020-06-29 09:53:45 Agisoft Metashape Professional Version: 1.6.3 build 10732 (64 bit)
2020-06-29 09:53:45 Platform: Windows
2020-06-29 09:53:45 CPU: AMD Ryzen Threadripper 3960X 24-Core Processor (desktop)
2020-06-29 09:53:45 CPU family: 23 model: 49 signature: 830F10h
2020-06-29 09:53:45 RAM: 255.9 GB
2020-06-29 09:53:46 OpenGL Vendor: NVIDIA Corporation
2020-06-29 09:53:46 OpenGL Renderer: GeForce RTX 2080 SUPER/PCIe/SSE2
2020-06-29 09:53:46 OpenGL Version: 4.6.0 NVIDIA 441.87
2020-06-29 09:53:46 Maximum Texture Size: 32768
2020-06-29 09:53:46 Quad Buffered Stereo: not enabled
2020-06-29 09:53:46 ARB_vertex_buffer_object: supported
2020-06-29 09:53:46 ARB_texture_non_power_of_two: supported
2020-06-29 09:53:50 LoadProject: path = D:/Puget_Systems_Benchmark/Park Map/Park Map Build Tiled Model.psx
2020-06-29 09:53:50 Loading project...
2020-06-29 09:53:50 loaded project in 0.244 sec
2020-06-29 09:53:50 Finished processing in 0.246 sec (exit code 1)
chunk=Metashape.app.document.chunk
chunk.buildTiledModel(keep_depth=False, source_data=Metashape.DenseCloudData, transfer_texture=False, subdivide_task=False)
2020-06-29 09:55:58 BuildTiledModel: source data = Dense cloud, pixel size = 0, tile size = 256, face count = Low, ghosting filter = 0
2020-06-29 09:55:58 initializing...
2020-06-29 09:55:58 pixel size: 0.0222288
2020-06-29 09:55:58 tile size: 256
2020-06-29 09:55:58 Generating tiled model...
...
2020-06-29 11:02:27 Baking textures...
2020-06-29 11:02:28 saved textures in 0.005 sec
2020-06-29 11:02:28 loaded tiled model data in 0 sec
2020-06-29 11:02:28 loaded block index in 0.001 sec
2020-06-29 11:02:28 loaded block index in 0 sec
2020-06-29 11:02:28 loaded block index in 0 sec
2020-06-29 11:02:28 loaded camera partition in 0 sec
2020-06-29 11:02:28 loaded selector in 0.001 sec
2020-06-29 11:02:28 selected 1 blocks in 0 sec
2020-06-29 11:02:28 loaded model blocks in 0.001 sec
2020-06-29 11:02:28 loaded uv blocks in 0 sec
2020-06-29 11:02:28 loaded block index in 0.001 sec
2020-06-29 11:02:28 loaded block index in 0 sec
2020-06-29 11:02:28 loaded block index in 0.001 sec
2020-06-29 11:02:28 loaded model blocks in 0.002 sec
2020-06-29 11:02:28 loaded uv blocks in 0 sec
2020-06-29 11:02:28 loaded texture blocks in 0 sec
2020-06-29 11:02:30 Finished processing in 3991.34 sec (exit code 0)
---------------------------------------------------------------------------
Exception Traceback (most recent call last)
<ipython-input-2-dfe855b9c63f> in <module>()
----> 1 chunk.buildTiledModel(keep_depth=False, source_data=Metashape.DenseCloudData, transfer_texture=False, subdivide_task=False)
Exception: Reference model has no diffuse texture
My "Park Map Build Tiled Model.files" directory is 4.57 GB (4,915,318,784 bytes) (on disk) with 53 files in 8 folders, and doc.xml in project.zip shows <property value="1.5.1" name="Info/OriginalSoftwareVersion"/>
I wasn't clear from your reply if you tried this on the same Puget Systems Metashape Benchmark I am using, or possibly something build later that doesn't have the same problem.