According to RH bug report comment, the problem was introduced with an upstream merge commit f9369910a6225b8d4892c3f20ae740a711cd5ace (before 3.5.0-rc1 release). Indeed: 3.4.0-5.11 boots fine, 3.5.0-1.1 (upstream 3.5.0-rc3) freezes.
According to RH bug report comment, the problem was introduced with an upstream merge commit f9369910a6225b8 d4892c3f20ae740 a711cd5ace (before 3.5.0-rc1 release).
Indeed: 3.4.0-5.11 boots fine, 3.5.0-1.1 (upstream 3.5.0-rc3) freezes.