Interesting, I just tried it, the CD-IMAGE is “Ubuntu-Server 22.04.3 LTS Jammy Jellyfish - Release arm64 (20230810)”,
iso image is ubuntu-22.04.3-live-server-arm64.iso
it can output to both KVM and sol console. Probably it can help you to get more information.
Another possible reason is console redirect
In AMI BIOS, it should be in the Advanced->Serial Port Console Redirection->Console Redirection
Set it to [Disabled]
But this option cannot explain why it works on your ubuntu 24.04.
When I had this issue, I tried the latest firmware version, which was 2.07. I will try the 3.01 beta at a suitable time because I’m running Ubuntu 24.04 now
Tips for printing early serial console message in case kernel boot stuck: append argument earlycon=pl011,0x100002600000 to kernel command line at grub boot. Press ‘E’ to edit grub boot entry and append this kernel argument to the end of the line of linux kernel boot config.