nVidia GT 1030 is used in that system which didn’t boot for several times after updates in the last year - beginning to get really annoying as not every issue was fixable as easy as this one.
Anyway, as mentioned above, nvidia-driver-assistant suggested to install the linux612-nvidia-575xx legacy kernel modules.
Solution for me was:
sudo pacman -R lib32-nvidia-utils linux612-nvidia
sudo pacman -S linux612-nvidia-575xx
sudo reboot -h 0
Beware, the commands may not be exactly the same depending on your kernel version.
Edit:
Since I installed the legacy driver, I am experiencing flickering whole rows in black and flickering white single pixels. It is not that bad that the system isn’t usable but obviously also not acceptable to deal with forever.
Has anyone ever had this kind of issue and managed to fix it?