I think the same thing happened to me:
Jun 26 12:14:55 X300 systemd[1]: Mounting /boot/efi...
Jun 26 12:14:55 X300 systemd[1]: Mounting Arbitrary Executable File Formats File System...
Jun 26 12:14:55 X300 systemd[1]: Virtual Machine and Container Storage (Compatibility) skipped, unmet condition check ConditionPathExists=/var/lib/>
Jun 26 12:14:55 X300 systemd[1]: Listening on Disk Image Download Service Socket.
Jun 26 12:14:55 X300 systemd[1]: Mounted Arbitrary Executable File Formats File System.
Jun 26 12:14:55 X300 mount[782]: mount: /boot/efi: tipo de sistema de ficheros 'vfat' desconocido.
Jun 26 12:14:55 X300 mount[782]: dmesg(1) puede ser que tenga m<C3><A1>s informaci<C3><B3>n tras el fallo de la llamada al sistema de montaj>
Jun 26 12:14:55 X300 systemd[1]: boot-efi.mount: Mount process exited, code=exited, status=32/n/a
Jun 26 12:14:55 X300 systemd[1]: boot-efi.mount: Failed with result 'exit-code'.
Jun 26 12:14:55 X300 systemd[1]: Failed to mount /boot/efi.
Jun 26 12:14:55 X300 systemd[1]: Dependency failed for Local File Systems.
Jun 26 12:14:55 X300 systemd[1]: local-fs.target: Job local-fs.target/start failed with result 'dependency'.
Jun 26 12:14:55 X300 systemd[1]: local-fs.target: Triggering OnFailure= dependencies.

After compiling all the information that has been generously provided to me in this post, I’m going to give it another try. I’ll use a Manjaro KDE live USB drive and post all the step-by-step details here:
MOUNTING PARTITIONS:
sudo su - ✔
[manjaro ~]# lsblk --fs
NAME FSTYPE FSVER LABEL UUID FSAVAIL FSUSE% MOUNTPOINTS
loop0 squashfs 4.0 0 100% /run/miso/sfs/livefs
loop1 squashfs 4.0 0 100% /run/miso/sfs/mhwdfs
loop2 squashfs 4.0 0 100% /run/miso/sfs/desktopfs
loop3 squashfs 4.0 0 100% /run/miso/sfs/rootfs
sdb
├─sdb1 exfat 1.0 Ventoy 4ACB-755E
│ ├─ventoy iso9660 Joliet Extension MANJARO_KDE_2604 2026-03-27-22-39-34-00 0 100% /run/miso/bootmnt
│ └─sdb1 exfat 1.0 Ventoy 4ACB-755E
├─sdb2 vfat FAT16 VTOYEFI EA6C-95B2
└─sdb3 exfat 1.0 ALMACEN 6301-9879
nvme0n1
├─nvme0n1p1 vfat FAT32 NO_LABEL D763-0A94
└─nvme0n1p2 crypto_LUKS 1 70a88b71-2f8d-4908-b4ad-c8278ee3ef5e
[manjaro ~]# cryptsetup luksOpen /dev/nvme0n1p2 cryptroot
enter password /dev/nvme0n1p2:
[manjaro ~]# mount /dev/mapper/cryptroot /mnt
[manjaro ~]# mount /dev/nvme0n1p1 /mnt/boot/efi
[manjaro ~]# lsblk --fs
NAME FSTYPE FSVER LABEL UUID FSAVAIL FSUSE% MOUNTPOINTS
loop0 squashfs 4.0 0 100% /run/miso/sfs/livefs
loop1 squashfs 4.0 0 100% /run/miso/sfs/mhwdfs
loop2 squashfs 4.0 0 100% /run/miso/sfs/desktopfs
loop3 squashfs 4.0 0 100% /run/miso/sfs/rootfs
sdb
├─sdb1 exfat 1.0 Ventoy 4ACB-755E
│ ├─ventoy iso9660 Joliet Extension MANJARO_KDE_2604 2026-03-27-22-39-34-00 0 100% /run/miso/bootmnt
│ └─sdb1 exfat 1.0 Ventoy 4ACB-755E
├─sdb2 vfat FAT16 VTOYEFI EA6C-95B2
└─sdb3 exfat 1.0 ALMACEN 6301-9879
nvme0n1
├─nvme0n1p1 vfat FAT32 NO_LABEL D763-0A94 116,1M 61% /mnt/boot/efi
└─nvme0n1p2 crypto_LUKS 1 70a88b71-2f8d-4908-b4ad-c8278ee3ef5e
└─cryptroot ext4 1.0 02038e0c-764b-4b14-ab8b-b1f739cddf6e 156,9G 26% /mnt
BINDS AND MOUNTS:
[manjaro ~]# mount --bind /dev /mnt/dev
[manjaro ~]# mount --bind /dev/pts /mnt/dev/pts
[manjaro ~]# mount -t proc proc /mnt/proc
[manjaro ~]# mount -t sysfs sysfs /mnt/sys
[manjaro ~]# mount -t efivarfs efivarfs /mnt/sys/firmware/efi/efivars
[manjaro ~]# mount --bind /run /mnt/run
[manjaro ~]# findmnt | grep /mnt
└─/mnt /dev/mapper/cryptroot ext4 rw,relatime
├─/mnt/dev dev devtmpfs rw,nosuid,relatime,size=7719044k,nr_inodes=1929761,mode=755,inode64
│ └─/mnt/dev/pts devpts devpts rw,nosuid,noexec,relatime,gid=5,mode=600,ptmxmode=000
├─/mnt/boot/efi /dev/nvme0n1p1 vfat rw,relatime,fmask=0022,dmask=0022,codepage=437,iocharset=ascii,shortname=mixed,utf8,errors=remount-ro
├─/mnt/proc proc proc rw,relatime
├─/mnt/sys sysfs sysfs rw,relatime
│ └─/mnt/sys/firmware/efi/efivars efivarfs efivarfs rw,relatime
└─/mnt/run run tmpfs rw,nosuid,nodev,relatime,mode=755,inode64
CHROOTING:
[manjaro ~]# chroot /mnt /bin/bash
[manjaro /]#
CHECKING HOOKS AND CMDLINE:
[manjaro /]# grep HOOKS /etc/mkinitcpio.conf
# HOOKS
# This is the most important setting in this file. The HOOKS control the
# order in which HOOKS are added. Run 'mkinitcpio -H <hook name>' for
# HOOKS=(base)
# HOOKS=(base udev autodetect microcode modconf block filesystems fsck)
# HOOKS=(base udev microcode modconf block filesystems fsck)
# HOOKS=(base udev microcode modconf keyboard keymap consolefont block mdadm_udev encrypt filesystems fsck)
# HOOKS=(base udev microcode modconf block lvm2 filesystems fsck)
# HOOKS=(base systemd autodetect microcode modconf kms keyboard sd-vconsole block sd-encrypt filesystems fsck)
HOOKS=(base systemd autodetect microcode modconf kms keyboard sd-vconsole block sd-encrypt filesystems fsck)
[manjaro /]# cat /etc/default/grub | grep -i cmdline
GRUB_CMDLINE_LINUX_DEFAULT="quiet rd.luks.uuid=70a88b71-2f8d-4908-b4ad-c8278ee3ef5e root=/dev/mapper/luks-70a88b71-2f8d-4908-b4ad-c8278ee3ef5e apparmor=1 security=apparmor udev.log_priority=3"
GRUB_CMDLINE_LINUX=""
REINSTALLING KERNELS:
[manjaro /]# mhwd-kernel -li
Currently running: 6.18.18-1-MANJARO (linux618)
The following kernels are installed in your system:
* linux612
* linux618
[manjaro /]# pacman -S --overwrite "*" linux612 linux612-headers linux618 linux618-headers
advertencia: linux612-6.12.94-1 está actualizado -- reinstalándolo
advertencia: linux612-headers-6.12.94-1 está actualizado -- reinstalándolo
advertencia: linux618-6.18.36-1 está actualizado -- reinstalándolo
advertencia: linux618-headers-6.18.36-1 está actualizado -- reinstalándolo
resolviendo dependencias...
buscando conflictos entre paquetes...
Paquetes (4) linux612-6.12.94-1 linux612-headers-6.12.94-1 linux618-6.18.36-1 linux618-headers-6.18.36-1
Tamaño total de la instalación: 587,78 MiB
Tamaño neto tras actualizar: 0,00 MiB
:: ¿Continuar con la instalación? [S/n]
(4/4) comprobando las claves del depósito [----------------------------------------------------] 100%
(4/4) verificando la integridad de los paquetes [----------------------------------------------------] 100%
(4/4) cargando los archivos de los paquetes [----------------------------------------------------] 100%
(4/4) comprobando conflictos entre archivos [----------------------------------------------------] 100%
(4/4) comprobando el espacio disponible en el disco [----------------------------------------------------] 100%
:: Ejecutando los «hooks» de preinstalación...
(1/1) Creating Timeshift snapshot before upgrade...
==> skipping timeshift-autosnap due skipRsyncAutosnap in /etc/timeshift-autosnap.conf set to TRUE.
:: Procesando los cambios de los paquetes...
(1/4) reinstalando linux612 [----------------------------------------------------] 100%
(2/4) reinstalando linux612-headers [----------------------------------------------------] 100%
(3/4) reinstalando linux618 [----------------------------------------------------] 100%
(4/4) reinstalando linux618-headers [----------------------------------------------------] 100%
:: Ejecutando los «hooks» de posinstalación...
(1/7) Arming ConditionNeedsUpdate...
(2/7) Updating module dependencies...
(3/7) Updating linux initcpios...
==> Building image from preset: /etc/mkinitcpio.d/linux612.preset: 'default'
==> Using default configuration file: '/etc/mkinitcpio.conf'
-> -k /boot/vmlinuz-6.12-x86_64 -g /boot/initramfs-6.12-x86_64.img
==> Starting build: '6.12.94-1-MANJARO'
-> Running build hook: [base]
-> Running build hook: [systemd]
-> Running build hook: [autodetect]
-> Running build hook: [microcode]
-> Running build hook: [modconf]
-> Running build hook: [kms]
-> Running build hook: [keyboard]
-> Running build hook: [sd-vconsole]
-> Running build hook: [block]
-> Running build hook: [sd-encrypt]
-> Running build hook: [filesystems]
-> Running build hook: [fsck]
==> Generating module dependencies
==> Creating zstd-compressed initcpio image: '/boot/initramfs-6.12-x86_64.img'
-> Early uncompressed CPIO image generation successful
==> Initcpio image generation successful
==> Building image from preset: /etc/mkinitcpio.d/linux618.preset: 'default'
==> Using default configuration file: '/etc/mkinitcpio.conf'
-> -k /boot/vmlinuz-6.18-x86_64 -g /boot/initramfs-6.18-x86_64.img
==> Starting build: '6.18.36-1-MANJARO'
-> Running build hook: [base]
-> Running build hook: [systemd]
-> Running build hook: [autodetect]
-> Running build hook: [microcode]
-> Running build hook: [modconf]
-> Running build hook: [kms]
-> Running build hook: [keyboard]
-> Running build hook: [sd-vconsole]
-> Running build hook: [block]
-> Running build hook: [sd-encrypt]
==> WARNING: Possibly missing firmware for module: 'qat_6xxx'
-> Running build hook: [filesystems]
-> Running build hook: [fsck]
==> Generating module dependencies
==> Creating zstd-compressed initcpio image: '/boot/initramfs-6.18-x86_64.img'
-> Early uncompressed CPIO image generation successful
==> Initcpio image generation successful
(4/7) Refreshing PackageKit...
Error: GDBus.Error:org.freedesktop.DBus.Error.ServiceUnknown: The name is not activatable
error: la orden no se ejecutó correctamente
(5/7) Updating Grub-Bootmenu
Generando un fichero de configuración de grub...
Encontrado tema: /usr/share/grub/themes/manjaro/theme.txt
Encontrada imagen de linux: /boot/vmlinuz-6.18-x86_64
Encontrada imagen de memoria inicial: /boot/amd-ucode.img /boot/initramfs-6.18-x86_64.img
Encontrada imagen de linux: /boot/vmlinuz-6.12-x86_64
Encontrada imagen de memoria inicial: /boot/amd-ucode.img /boot/initramfs-6.12-x86_64.img
Aviso: os-prober will be executed to detect other bootable partitions.
Its output will be used to detect bootable binaries on them and create new boot entries.
Adding boot menu entry for UEFI Firmware Settings ...
Root filesystem isn't btrfs
If you think an error has occurred, please file a bug report at "https://github.com/Antynea/grub-btrfs"
Found memtest86+ image: /boot/memtest86+/memtest.bin
hecho
(6/7) Looking for Pacnew/Pacsave created.
(7/7) Checking which packages need to be rebuilt
[manjaro /]#
REBOOTING
PD:
Bad news, the same problem persists. “Failed to mount /boot/efi”
Is it possible that, in the cmdline, I need to specify the rd.luks.uuid of the boot partition in addition to the root rd.luks.uuid? 
I’m also considering reverting the changes to hooks and cmdline and switching back to udev instead of systemd.
Any helpful suggestions? 
HAPPY ENDING?
Well, I have some good news. I finally have my system back—alive, kicking, and fully functional—though thanks to a little trick. 
IN SUMMARY:
In emergency mode, I realized that the encrypted / (root) partition was mounting correctly and in read-write (rw) mode. So I tried a different approach. I edited /etc/fstab and added the nofail option to the /boot/efi partition so that the boot process would continue and I wouldn’t be forced into emergency mode because it couldn’t mount the partition:
# <file system> <mount point> <type> <options> <dump> <pass>
UUID=D763-0A94 /boot/efi vfat umask=0077,nofail 0 2
It worked only partially—I was finally able to access my system’s graphical environment, but I had no Ethernet connection, and neither the boot vfat partition nor another btrfs storage partition I had on a different disk would mount. Only the LUKS-encrypted partitions mounted (the root partition and another encrypted partition where I store my Timeshift snapshots). So I decided to restore the system using a Timeshift snapshot I had taken two hours before the fateful update. 
CONCLUSIONS
1.- LUKSv1, GRUB2 and Systemd don’t get along very well.
2.- Sooner or later I’ll have to deal with this update, and there’s a very high probability that the same thing will happen to me again. So right now, I’m not too enthusiastic about reopening this battle.
3.- God bless Timeshift. 
4.- I’ve learned more from these last two Stable Updates than I did in the previous four years I’ve been using Manjaro KDE.
5.- Knowledge is valuable and very rewarding, but the path to its acquisition is very painful. 
6.- I’m too old for these kinds of surprises. 