Solution:
https://bugzilla.redhat.com/show_bug.cgi?id=1960937#c12
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It turns out the problem is with the radeon driver.
The GDM can be started normally once amdgpu is used instead of radeon
$ cat /proc/cmdline
BOOT_IMAGE=(hd0,gpt3)/ostree/fedora-b84e4d88fe04fad4bc33b6ea17b973b4c73cd56c60843527323ed31290b71b6c/vmlinuz-5.11.20-300.fc34.x86_64
root=UUID=6d7c04a4-9
