System won't go into suspend normally with kernel above 5.13.0-35

Problem: The system does not suspend normally when using a kernel above version 5.13.0-35, and instead locks up and must be reset.

1) Ubuntu Studio 20.04
Description: Ubuntu 20.04.4 LTS
Release: 20.04

2) Kernel 5.13.0-37, 5.13.0-40, 5.13.0-41 all do the same...

3) What I expect to happen: System goes into STR state normally and can be resumed upon pressing the power button.

4) What happens instead: Screen goes blank, hard drives spin down, then spin back up again, screen stays blank, system does not enter STR state (CPU, GPU, PSU fans keeps running etc), and system is now locked up and can't be recovered unless hard reset.