Hello, today I've stumbled upon exactly the same issue, running Debian testing.
The config.txt was replaced with:

kernel=auto

initramfs


I had to manually fix it to:

kernel=vmlinuz-6.4.0-1-arm64

initramfs initrd.img-6.4.0-1-arm64


Please take a look into this issue, as I consider it a severe problem for everyone.
In my case, I just did apt dist-upgrade and apt autoremove --purge. New 
kernel (6.4.0-1 in my case) caused old one to be considered for 
autoremoval, after which rpi was rendered in unbootable state. I had to 
fix it manually editing config.txt. Executing update-initramfs -u 
manually once the system booted after manual fix rendered correct 
config.txt, so it has something to do with removal procedure that at the 
same time does not regenerate initramfs (since there is no need to do so 
since we only remove old kernel and related files).
Regards,

Archi

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