https://bugzilla.kernel.org/show_bug.cgi?id=101811
--- Comment #4 from beta992@gmail.com --- (In reply to Alex Deucher from comment #3)
It's just a new firmware for the VCE (video encode) block. It should eventually boot, you just have to wait for the kernel firmware loader to time out.
I've updated the linux-firmware packages (Arch Linux has it in testing) and indeed it now boots without any issues.
Thanks again for the help!