Similar here. Had been getting error messages about missing PV during boot for a while, but since everything worked fine once booted I didn't bother to resolve that. Now I started getting boot errors instead. Turns out the initramfs was missing a module (pata_atiixp) needed for the controller for that PV. Working this out required time, and until that point I could only boot previous kernel & initramfs (which required navigating grub menu so no headless boots) and I didn't dare upgrade anything.
https://salsa.debian.org/lvm-team/lvm2/-/commit/2340adad4b3875331be1ba7abba881cc1b6e6738 for 2.03.15-1 appears to be the relevant commit here causing this change in behavior. Probably has something to do with the --autoactivation flag which I don't see documented on https://manpages.debian.org/testing/lvm2/vgchange.8.en.html. It probably makes sense for udev to wait for all PVs before activation *if* the PV can be expected to turn up eventually. During boot, falling back to degraded activation after some timeout might be beneficial, in particular to resolve situations where the extra PVs need later boot steps to become available. The man page describes --activationmode but according to comments in my (unedited) /etc/lvm/lvm.conf that setting is "degraded" by default and should thus be able to work with absent PVs. Particularly since I currently don't even have any LVs on the absent PV. But perhaps --autoactivation trumps that default? If you would like to get more data on why things behave differently, I can probably restore a reproducing setup easily enough and can then execute commands in the initramfs console to debug further. Steps that helped me fix the problem: 1. "lvm pvs" from the initramfs fallback prompt to see the missing PV 2. "lvm pvs" when booted from previous initramfs to see what device that is, sdc1 in my case 3. "udevadm info -a -n /dev/sdc1 | grep -E 'looking|DRIVER'" to find the driver needed for it 4. "$EDITOR /etc/initramfs-tools/modules" to add the module there 5. "update-initramfs -u -k 5.18.0-4-amd64" to build a new initramfs with that module included