After another day of testing I have found that the problem also manifests for FTDI D2XX based applications which target ttyUSB nodes. It may be unrelated but the same binary fails on kernel 5.4.112 while it works fine on 5.4.108. There is nothing in the kernel logs and I haven’t dug deeper yet.
Downgrading to 5.4.108 from pacman cache also helped me access my TI TM4C microcontroller which exposes itself as a ttyACM device.