I netboot my Pi's so I acknowledge this is an unusual configuration.
12.2.1 doesn't netboot on a Pi 5. After the bootloader, you just get a black screen. It does not respond to ssh connections. "textmode" does nothing.
12.0.2 works just fine, and 12.2.1 works fine on a Pi 4, also netbooting.
Are there any known issues with 12.2.1 netbooting that would not affect 12.0.2, and wouldn't affect a Pi 4?