Workaround: downgrade to glibc-2.35-3. You’ll need to set $DOWNGRADE_FROM_ALA=1 to allow it to down grade straight from Arch Archives. This did correctly allow me to run valgrind like normal.
For anybody else seeing this, it’s not a permanent solution, just a workaround. To my understanding, it’s just bypassing debuginfod which is the long term solution for this.