Bootloader installation has failed: Failed to set new efi boot target. This is most likely a kernel or firmware bug

I have finally found the solution. I don’t know how I didn’t come across this when I was trying to install Fedora last time.
I found the solution via a Reddit discussion which quoted from and linked to the Arch wiki. As it turns out, the UEFI had run out of space and I had to remove a bunch of dumpfiles.
Run rm /sys/firmware/efi/efivars/dump-*
It works now.

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