Meestor_X
Exiting the "debug shell" resulting in a panic is normal, because the kernel can't mount disks. A few things to try:
1. Try "blkid" and report back what that shows in the shell.
2. Try "dmesg" and see if you can capture the output in any meaningful way, looking to see if the mmc is detected. Alternatively you can try to filter it down to things that say mmc or sdhc with "dmesg|egrep -i '(mmc|sdhc)'" (without double quotes). You can also try piping dmesg output into more with "dmesg |more" if you want to capture each page on the display with a camera.
3. Try adding " sdhci.debug_quirks2=4" to the end of /flash/cmdline.txt (without quotes, same line). This drops 1.8V signaling for UHS cards and runs them at a lower speed, it's worth a shot if only to narrow down the problem.
Lastly, it might be a good idea to test with Raspberry Pi OS and use "sudo rpi-update 889323" to bump to the 6.1.14 kernel (should be similar/close to what LE11 is running) and reboot/test to see. If it's a problem there, then I would report it over on their Github. You can also bump around different kernel versions on Raspberry Pi OS with rpi-update to try and pin-point where it started by using the commit id's from the commit log here.
It doesn't seem like it is a known issue, or a common issue -- but one of the developers might be in the know. I only use Raspberry Pi 4's, and only 1 of them has a 128GB SD card (and it's using Raspberry Pi OS with 6.1.15 kernel) and no problems there. The rest are all 16GB or 32GB cards.