No sound on Ubuntu 20.04 LTS with kernel 5.11.0

After updating Ubuntu 20.04 LTS with the latest kernel, sound stops working and the settings panel only shows "Dummy" sound.
Selecting 5.8 kernels in Grub2 gets the sound working again.

Output of lsb_release -rd
Description: Ubuntu 20.04.2 LTS
Release: 20.04

Output of apt-cache policy linux-image-5.11*generic
linux-image-5.11.0-22-generic:
  Installed: 5.11.0-22.23~20.04.1
  Candidate: 5.11.0-22.23~20.04.1
  Version table:
 *** 5.11.0-22.23~20.04.1 500
        500 http://us.archive.ubuntu.com/ubuntu focal-updates/main amd64 Packages
        500 http://security.ubuntu.com/ubuntu focal-security/main amd64 Packages
        100 /var/lib/dpkg/status

What I expected to happen:
Everything should continue working after a routine system upgrade, including a new kernel version.

What happened:
After a normal system update, which included the new kernel version 5.11, sound stopped working and device disappeared from settings.

Additional info:
$ sudo lspci -vv |grep -i audio
00:1b.0 Audio device: Intel Corporation 7 Series/C216 Chipset Family High Definition Audio Controller (rev 04)
 DeviceName: Intel High Definition Audio Device
 Subsystem: Intel Corporation 7 Series/C216 Chipset Family High Definition Audio Controller
01:00.1 Audio device: NVIDIA Corporation GK104 HDMI Audio Controller (rev a1)
 Subsystem: eVga.com. Corp. GK104 HDMI Audio Controller
pcilib: sysfs_read_vpd: read failed: Input/output error

$ sudo dmesg | grep -i audio
[ 0.244893] ACPI: Added _OSI(Linux-Lenovo-NV-HDMI-Audio)