I was wrong — it’s definitely booting. But the change to the LED color and the fact that it’s only outputting on one of the HDMI ports (the middle one) instead of both fooled me into thinking it’s not.
That said, I am unable to correctly do an initial setup (just tried again with today’s rolling image) due to the screen just filling with:
fdee0000.hdmi_receiver: hdmirx_wait_lock_and_get_timing: HDMI pull out, return
The usual setup output is visible initially, interleaved with the above text, but is eventually fully pushed off the screen. And typing doesn’t appear to do anything — I haven’t been able to generate a functional normal booting instance this way, although it’s probably possible.
Anyway — I was wrong, it’s definitely booting, and my issues are a different set of issues entirely.