I had the same problem ans solved it by using an older kernel.
But this seems not to be a not-found-hd-problem, since I had the problem also when booting from an iso: it got stuck after a few seconds. And all VMs were broken, Linux and Windows, while LXC-Containers worked fine.
It is working on kernel 5.3.18-3-pve, and did fail on 5.4.140-1-pve.
There was a longer thread also describing this problem earlier this year on Proxmox 6, but I can't find it anymore, so I post it here.
It seemed to happen only on systems using local-zfs.
In my case on a Ryzen Threadripper TR 2970WX WOF on a MSI X399 SLI PLUS-Board