I also have this problem (with a LUKS & LVM). As a workaround, I did:

1) boot into live CD, start a terminal and do everything as root (sudo -i)
2) open the encrypted LUKS partition: cryptsetup luksOpen /dev/nvme0n1p3 
nvme0n1p3_crypt

Note that the name (in my case "nvme0n1p3_crypt") must match the name that is 
in the etc/crypttab . Otherwise the later generated initramfs will not work 
correctly.
3) vgscan && vgchange -ay vgubuntu
4) mount /dev/vgubuntu/root /mnt
5) mount /dev/nvme0n1p2 /mnt/boot    # this is my /boot partition
6) mount --bind /dev /mnt/dev && mount --bind /sys /mnt/sys && mount --bind 
/proc /mnt/proc
7) chroot /mnt
8) chmod 755 /usr/share/initramfs-tools/hooks/lvm2
9) update-initramfs -u

-- 
You received this bug notification because you are a member of Ubuntu
Touch seeded packages, which is subscribed to lvm2 in Ubuntu.
https://bugs.launchpad.net/bugs/1915579

Title:
  lvm2 version 2.03.11-2ubuntu1 breaks initramfs

Status in lvm2 package in Ubuntu:
  Triaged

Bug description:
  I upgraded lvm2 from 2.03.07-1ubuntu4 to 2.03.11-2ubuntu1 and my
  initramfs broke. I had to manually rollback to the old version to be
  able to boot. The error was something like:

  Gave up waiting for root device. Common problems:
    - Boot args (cat /proc/cmdline)
      - Check rootdelay= (did the system wait long enough?)
      - Check root= (did the system wait for the right device?)
    - Missing modules (cat /proc/modules; ls /dev)
  ALERT! /dev/mapper/vgubuntu-root does not exist. Dropping to a shell! 

  And there was no neither my lvm lvs, nor lvm binary on initramfs.

  ProblemType: Bug
  DistroRelease: Ubuntu 21.04
  Package: lvm2 2.03.07-1ubuntu4
  ProcVersionSignature: Ubuntu 5.10.0-14.15-generic 5.10.11
  Uname: Linux 5.10.0-14-generic x86_64
  ApportVersion: 2.20.11-0ubuntu57
  Architecture: amd64
  CasperMD5CheckResult: unknown
  CurrentDesktop: ubuntu:GNOME
  Date: Sat Feb 13 02:42:08 2021
  InstallationDate: Installed on 2019-11-01 (469 days ago)
  InstallationMedia: Ubuntu 19.10 "Eoan Ermine" - Release amd64 (20191017)
  SourcePackage: lvm2
  UpgradeStatus: No upgrade log present (probably fresh install)

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https://bugs.launchpad.net/ubuntu/+source/lvm2/+bug/1915579/+subscriptions

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