Booting a QEMU aarch64 VM using kernel+initrd results in an EFI Synchronous Exception

I am attempting to create an aarch64 image using QEMU and virt-install on an x86_64 Ubuntu 22.04 server.

Using qemu-efi-aarch64 versions 2022.02-3ubuntu0.22.04.1 or 2022.02-3 both fail to boot the kernel when using the --location option (so kernel args can be supplied).

I can get it to succeed by downgrading qemu-efi-aarch64 to 20191122.bd85bf54-2ubuntu3.4 from the repo for another Ubuntu release.

I also tried qemu-efi-aarch64 2023.05-1 and it boots to the UEFI shell not the Linux kernel.

This is the command to boot the aarch64 VM:
virt-install \
  --name ubuntu2204 \
  --arch aarch64 \
  --ram 4096 \
  --disk path=/images/ubuntu2204.raw,format=raw,driver_type=raw,bus=virtio \
  --vcpus 4 \
  --os-variant ubuntu22.04 \
  --network bridge=virbr0 \
  --graphics none \
  --console pty,target_type=serial \
  --location /images/ubuntu-22.04.3-live-server-arm64.iso,kernel=casper/vmlinuz,initrd=casper/initrd \
  --extra-args 'auto=true priority=critical console=ttyAMA0,115200n8 serial autoinstall' \
  --noreboot

This results in the following output:
Starting install...
Retrieving 'vmlinuz' | 0 B 00:00:00 ...
Retrieving 'initrd' | 89 MB 00:00:00 ...
Creating domain... | 0 B 00:00:00
Running text console command: virsh --connect qemu:///system console ubuntu2204
Connected to domain 'ubuntu2204'
Escape character is ^] (Ctrl + ])

BdsDxe: failed to load Boot0002 "UEFI Misc Device 2" from PciRoot(0x0)/Pci(0x1,0x4)/Pci(0x0,0x0): Not Found
BdsDxe: failed to load Boot0001 "UEFI Misc Device" from VenHw(93E34C7E-B50E-11DF-9223-2443DFD72085,00): Not Found
BdsDxe: loading Boot0003 "EFI Internal Shell" from Fv(64074AFE-340A-4BE6-94BA-91B5B4D0F71E)/FvFile(7C04A583-9E3E-4F1C-AD65-E05268D0B4D1)
BdsDxe: starting Boot0003 "EFI Internal Shell" from Fv(64074AFE-340A-4BE6-94BA-91B5B4D0F71E)/FvFile(7C04A583-9E3E-4F1C-AD65-E05268D0B4D1)

UEFI Interactive Shell v2.2
EDK II
UEFI v2.70 (EDK II, 0x00010000)
Mapping table

Synchronous Exception at 0x000000012F0D496C

Synchronous Exception at 0x000000012F0D496C

Using qemu-efi-aarch64 to 20191122.bd85bf54-2ubuntu3.4 I get the following output:

Starting install...
Retrieving 'vmlinuz' | 0 B 00:00:00 ...
Retrieving 'initrd' | 100 MB 00:00:00 ...
Creating domain... | 0 B 00:00:00
Running text console command: virsh --connect qemu:///system console ubuntu2204
Connected to domain 'ubuntu2204'
Escape character is ^] (Ctrl + ])

EFI stub: Booting Linux Kernel...
EFI stub: Generating empty DTB
EFI stub: Loaded initrd from command line option
EFI stub: Exiting boot services...
[ 0.000000] Booting Linux on physical CPU 0x0000000000 [0x411fd070]
[ 0.000000] Linux version 5.15.0-78-generic (buildd@bos02-arm64-036) (gcc (Ubuntu 11.3.0-1ubuntu1~22.04.1) 11.3.0, GNU ld (GNU Binutils for Ubuntu) 2.38) #85-Ubuntu SMP Fri Jul 7 15:29:30 UTC 2023 (Ubuntu 5.15.0-78.85-generic 5.15.99)
[ 0.000000] efi: EFI v2.70 by EDK II
.... etc

ProblemType: Bug
DistroRelease: Ubuntu 22.04
Package: qemu-efi-aarch64 2022.02-3ubuntu0.22.04.1
ProcVersionSignature: Ubuntu 5.15.0-56.62-generic 5.15.64
Uname: Linux 5.15.0-56-generic x86_64
ApportVersion: 2.20.11-0ubuntu82.4
Architecture: amd64
CasperMD5CheckResult: unknown
Date: Fri Sep 22 14:05:38 2023
Dependencies:

PackageArchitecture: all
ProcEnviron:
 SHELL=/bin/bash
 LANG=C.UTF-8
 TERM=xterm-256color
 PATH=(custom, no user)
RebootRequiredPkgs: Error: path contained symlinks.
SourcePackage: edk2
UpgradeStatus: No upgrade log present (probably fresh install)