Virtualization Daemon has started. The last “starting” entry is the “Terminate Plymouth Boot Screen”
Anyway… vfio works now. Maybe Plymouth don’t like that the first GPU is not available? 
That process needs to be investigated.
If I change mkinitcpio.conf to:
MODULES="crc32c amdgpu ..."
I can boot with all 3 screens. Without it, I am stuck before login screen.
I tried to force X11 to use my iGPU for desktop, instead of the dGPU.
So, I created this file: /etc/X11/xorg.conf.d/20-amdgpu.conf
Section "Device"
Identifier "AMD"
Driver "modesetting" or "amdgpu"
BusID "PCI:17:00.0" # the BusID of my iGPU from the 'lspci' output
EndSection
I end up in the same screen, even without the cable connected on my dGPU.
This is what I see in the log before it stucks:
