Just adding my case here in case it helps someone else with the same error.
I’m running FOG 1.5.10 on RHEL 9.5. In my case the problem was not iPXE, kernels or init.xz, but a broken NFS setup on the FOG server.
When I tried to rerun installfog.sh, it always failed at “Starting NFS server” with a systemd dependency error. Checking systemctl list-dependencies --failed nfs-server.service showed that one dependency was a failed mount coming from /etc/fstab. It was an old ISO mount pointing to a path that no longer existed.
Because that mount failed, nfs-server could not start, and FOS Linux failed to mount its root filesystem over NFS, causing the kernel panic on UEFI clients.
After removing the invalid mount from /etc/fstab, running systemctl daemon-reload, fixing NFS exports and starting nfs-server, I was able to complete installfog.sh and UEFI PXE boot started working again.