Mine (same arch kernel) is twice the size, both compressed and uncompressed, for what it's worth; I have a handful of vfio modules included explicitly, as well

Mine (same arch kernel) is twice the size, both compressed and uncompressed, for what it's worth; I have a handful of vfio modules included explicitly, as well as amdgpu; so it's still doable. My fallback initramfs is a little over 128MiB compressed.