After going through the OpenID Connect Discovery Spec https://openid.net/specs/openid-connect-discovery-1_0.html#ProviderConfig, I understand that Issuer is a URL which is used to validate the discovery URL (issuer + "/.well-known/openid-configuration").
I want to know if this issuer URL should be a working URL pointing some resource/service or can be a just valid URL but do not point to any resource. Does this hold significance in any other OpenID Connect flows?
The issuer value itself does not need to resolve to any resource or anything online. Only if you want to conform to the Discovery spec then <issuer>/.well-known/openid-configuration should resolve to the Discovery metadata document that describes the Provider.