Very(!) slowly booting Fedora CoreOS on intel i9 (Hetzner Box)

For your specific case, I saw references to uart_console_write() in the kernel backtrace in your last screenshot.
I did suggest looking at console setup because I seem to remember that I encountered a similar case in the past.

I don’t know the actual root cause of this, but I think it’s related to the specific hardware setup. Possibly the console filling up its output buffer and then slowing everything else as a result, or something like that.