I’ve just installed the kernel from CachyOS and found that this issue isn’t present in it yet. If you need to restore Bluetooth access urgently, I’d recommend it.
Unfortunately, however, I use Limine and stock ArchLinux, so I have no idea exactly how this is implemented in systemd-boot.
This kernel linux-cachyos-7.0.6-1 is an older version (at the time of writing, of course), so it doesn’t have this issue yet.
I haven’t tested it yet myself, but from what I can see from the Arch Linux gitlab (if I don’t misunderstand it), it should have been patched by the Arch kernel maintainer in 7.0.8. The official patch should come next week (or maybe the week after) in a newer kernel.
I also just updated and was going to report the same thing. Kudos to the Arch team for patching this themselves and patching it this quickly. I use a bluetooth mouse on the minipc I had this issue on (it is connected to a TV), so that was very annoying when it stopped working.