Manually downgrading a few hundred packages one-by-one and rebooting each
time was not an option so here's what I did:

1. Replaced the ExecStart line in lightdm.service by:
ExecStart=/usr/bin/strace -fty -P /dev/random -P /dev/urandom -o
/var/log/lightdm/strace.log /usr/sbin/lightdm

2. Using a combination of the strace log and atop, found a suspicious (long
running) access to /dev/random by a child process of gnome-keyring-deamon

3. Uninstalled the gnome-keyring package

4. The issue disappeared...

So AFAICT, it seems that this issue is caused by gnome-keyring making
blocking calls to the RNG.
Possibly here
<https://salsa.debian.org/gnome-team/gnome-keyring/blob/debian/master/pkcs11/gnome2-store/gkm-gnome2-file.c#L416>
?

What's weird is that the gnome-keyring package was not affected by the
dist-upgrade, so the behavior may have been triggered by a change in
another package...

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