Installed and switched to linux-lts (6.6.64-1-lts), and the problem is not present. Seems highly likely that this is a kernel bug now. I’ll keep running LTS for a while and see if I notice any further issues.
I will also keep an eye on Fedora news and wait for them to mainline 6.12 and make sure to check Arch’s stable kernel version every so often. Maybe if I have time, I’ll bisect the kernel this weekend and see if I can figure out when exactly this started happening.