Plymouth BGRT works in rescue mode but not in normal boot

Hi,
I have a strange Plymouth issue on a fresh Fedora install and I couldn’t figure out what is causing it.
My laptop is an HP with an AMD Athlon 7120U (Mendocino) APU.
The problem is:
Before GRUB, the HP logo appears normally.
After selecting Fedora from GRUB, Plymouth starts.
On a normal boot, I only get the default spinner animation (white dots on black background).
But if I boot into rescue mode, Plymouth shows the proper BGRT animation with the HP logo.
So it seems that BGRT itself works, but normal boot is not using it.
Things I already checked:

plymouth-set-default-theme -l

shows:

bgrt details spinner text tribar

I set the theme:

sudo plymouth-set-default-theme bgrt -R

My

/etc/plymouth/plymouthd.conf

:

[Daemon]
Theme=bgrt

The same config exists in initramfs:

sudo lsinitrd /boot/initramfs-$(uname -r).img etc/plymouth/plymouthd.conf

Output:

[Daemon]
Theme=bgrt

BGRT exists:

ls /sys/firmware/acpi/bgrt/

Output:

image status type version xoffset yoffset

AMD KMS seems to work:

dmesg | grep -i amdgpu

shows that amdgpu initializes kernel modesetting.
There is no

nomodeset

in the kernel command line:

cat /proc/cmdline

root=UUID=... ro mitigations=off rhgb quiet

I also rebuilt initramfs:

sudo dracut --regenerate-all --force

but the issue remains.
The interesting part is that on my previous Fedora installation on the same laptop, the BGRT animation started working after updating the system. On this clean installation, even after updating Fedora, it still falls back to spinner.
Removing

rhgb quiet

only shows kernel messages during boot and then it goes directly to GDM.
My guess is that something in the normal boot path is forcing Plymouth to use spinner, or maybe there is some timing issue between Plymouth and AMD KMS. Rescue mode works, so I’m a bit confused.
Any ideas what else I can check?
System:
Fedora 44
GNOME / GDM
Kernel: 7.1.5-201.fc44.x86_64
AMD Athlon 7120U integrated graphics
Thanks!