What version of Hugo are you using (hugo version)?

latest

Does this issue reproduce with the latest release?

Yes, but there is condition to reproduce.

1. need to set maximum number of open files to low for hitting error too many open files on during running hugo
2. run hugo serve without setting the poll interval

The issue is hit at:

if there is error return from below code with "too many open files":

 	if watcher, err := NewEventWatcher(); err == nil { 
 		return watcher, nil 
 	} 

Then it will create NewPollingWatcher with interval = 0

 	NewPollingWatcher(interval), nil 

And then it will panic with 0 as input:
https://github.com/golang/go/blob/c2397905e027cdbab3a28d02813adcb82368422c/src/time/tick.go#L24

This issue may be the same issue as #8744