Not really a question, leaving this note here in case someone else encountered same problem.
I updated my Fedora 40 workstation today and after a reboot, the system failed to boot with timeout trying to mount root filesystem, and dropped into dracut emergency shell.
After investigating, seems like the update added resume=/dev/mapper/fedora-swap, rd.lvm.lv=fedora/root, rd.lvm.lv=fedora/swap into the kernel parameters, which are technically invalid on my workstation as I use a non default name for my volume group.
If you are like me and not using default volume group name, to boot your system, rectify the option in grub config during boot to your correct LV path.
Afterwards, run following commands:
grubby --remove-args=rd.lvm.lv=fedora/root --update-kernel=ALL
grubby --remove-args=rd.lvm.lv=fedora/swap --update-kernel=ALL
grubby --remove-args=resume=/dev/mapper/fedora-swap --update-kernel=ALL
grubby --args="rd.lvm.lv=YOUR_VG_NAME/root rd.lvm.lv=YOUR_VG_NAME/swap" --update-kernel=ALL
grubby --args="resume=/dev/mapper/YOUR_VG_NAME-swap" --update-kernel=ALL
Hope this helps