So, this problem is actually driving me crazy partially because it's only happening on my machine and it's happening in a reproductive manner...
I've downloaded latest image 20.02.1 and it's also working properly after installation. There are not that many updates available after fresh installation and from the usual suspects there are only linux-firmware and linux-pinebookpro-5.6 kernel.
Pacman is really painful to learn and to use, so I couldn't find a good way to play around with packages versioning. I've tried adding both those packages to the ignore list, but they still got updated and /var/cache/pacman/pkg only contains newer version of packages, so I don't know how to downgrade those to pinpoint exact package that causes the problem.
Is there any advice how to properly try different version? I don't have any data on a laptop right now, so I can re-image it as required, but I'd appreciate any help to solve this most annoying problem.