System VM stuck at "Loading initial ramdisk..."

[rhpijnacker-philips]

I think I have solved the problems mentioned in #13154.
Now the System VM is booting, and the console shows me:

  Booting 'Debian GNU/Linux'
  
Loading Linux 6.1.0-40-amd64 ...
Loading initial ramdisk ...

However, after this nothing seems to be happening.
The management console keeps the System VM in the "Starting" state.

What is expected to be happening here?

[rhpijnacker-philips]

Some additional information: in the Hyper-V Manager UI, I can see a number of NICs being connected.
But, even though the Event Viewer log suggests that it should be getting an IP address assigned for each NIC, the UI does not look like it has IP addresses assigned. This could be because the OS has not yet booted, though, since it seems to be stuck somewhere during the booting process.