Dracut replacing mkinitcpio? effects

Yes. With systemd-boot, you don’t put the keyfile into the initramfs since it is unencrypted. As a result, if you have multiple encrypted partitions, you will be asked for your password more than once.

Changing your bootloader is a bigger effort than switching to dracut. I would not advise doing so unless you have a reason to.

The instructions for that are here:

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