Thx Nick. There is not much I can find when stranded in busybox:

ls -l /sys/block/dm-*
ls: /sys/block/dm-*: No such file or directory

cd /sys/block
ls
loop3  loop5  loop7  loop0  loop2  loop4  loop6  loop1

Also running:
udevadm control --reload && udevadm trigger
doesn't change the situation, not in /sys/block, nor in /dev/disk.

I've noticed quite some changes in the systemd version of plucky (changelog),
but also that there is an updated version in -proposed - that I should probably 
give a try.

On top there are several differences between 55-dm.rules and 
60-persistent-storage-dm.rules between 24.04.2 and 25.04 (I should still 
compare with newer 24.10 instead of 24.04.2).
And the rules are there (in initramfs):
ls
50-firmware.rules                    64-btrfs.rules
50-udev-default.rules                64-md-raid-assembly.rules
55-dm.rules                          69-bcache.rules
55-scsi-sg3_id.rules                 69-lvm.rules
56-lvm.rules                         71-seat.rules
58-scsi-sg3_symlink.rules            73-special-net-names.rules
60-block.rules                       75-net-description.rules
60-persistent-storage-dm.rules       80-drivers.rules
60-persistent-storage.rules          80-net-setup-link.rules
61-persistent-storage-android.rules  81-dpm.rules
63-md-raid-arrays.rules              95-dm-notify.rules
64-btrfs-dm.rules                    s1lp15vg-s1lp15lv.rules
(initramfs) [6n

Incl. this one from the installation (curtin):
cat s1lp15vg-s1lp15lv.rules
# Written by curtin
SUBSYSTEM=="block", ACTION=="add|change", ENV{DM_NAME}=="s1lp15vg-s1lp15lv", 
SYMLINK+="disk/by-dname/s1lp15vg-s1lp15lv"

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https://bugs.launchpad.net/bugs/2102236

Title:
  plucky/s390x (with root disk on dm?) does not come up after kernel
  update + reboot

Status in Ubuntu on IBM z Systems:
  New
Status in linux package in Ubuntu:
  New
Status in lvm2 package in Ubuntu:
  New

Bug description:
  While using the plucky daily from March 12 (that still comes with kernel 6.12)
  (and working around LP#2101831, by forcing the installation to not apply any 
updates)
  I get a system installed, which is at kernel level 6.12.

  Since 6.14 is out (in plucky release) since yesterday (March 12th) I tried to 
upgrade from 6.12 to 6.14,
  and the update itself seemed to be smooth (I couldn't find any errors while 
doing a full-upgrade in the terminal - see attached logs).

  But after executing a reboot, the system (in 3 different
  configurations, that use dm) does not come up again, and ends up in
  busybox, complaining that the root device couldn't be found:

  # s1lp15 FCP/SCSI multipath with LVM
  ALERT!  
/dev/disk/by-id/dm-uuid-LVM-SlleSC5YA825VOM3t0KHBVFrLJcNWsnwZsObNziIB9Bk2mSVphnuTEOQ2eFiBbE1
 does not exist.  Dropping to a shell!

  # s1lp15 2DASDs with LVM:
  ALERT!  
/dev/disk/by-id/dm-uuid-LVM-ePTbsojYPfgMacKXwpIMNMvxk80qGzlPhRYw7DJlovmqHyla9TK6NGc70p1JN29b
 does not exist.  Dropping to a shell!

  # s1lp15 FCP/SCSI Multipath no LVM
  ALERT!  /dev/disk/by-id/dm-uuid-part1-mpath-36005076306ffd6b60000000000002603 
does not exist.  Dropping to a shell!

  However, using a single disk without dm (so: no multipath, no lvm) the
  system is able to come up again after the reboot (after a kernel
  upgrade).

  # s1lp15 single DASD no LVM
  here the root device is:
  root=/dev/disk/by-path/ccw-0.0.260b-part1
  and it exists.

  In the 3 different cases that (that repeatedly fail) "/dev/disk/by-id"
  is missing.

  I am not sure yet what's causing this,
  it can be an issue with the device-mapper/lvm2
  but also udev rules or kernel.
  So maybe I need to add the kernel as affected component too (for now).

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