I can confirm this issue after upgrading from 21.10 to 22.04. In my case, the fix only comprised changing MODULES=most for MODULES=dep in /etc/initramfs-tools/initramfs.conf. Changing the compression algorithm doesn't seem to have impact on my setup. Before the change, initrd had 234 MiB in size versus 106 MiB after. I have 64GB of RAM.
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