Thanks for all the suggestions. I ended up with a fresh online install from the latest ISO without nvidia proprietary drivers. I think if my system boots fine with the next ISO on the NVIDIA option, then I will consider adding those drivers back. I should ask though how to put the nvidia on a ignore list for future upgrades if and when I get it working.
Edit: Also is it worthwhile to consider a manual driver install from NVIDIA website?
Probably not.
But if you have the strength and miracles happen, why not try it!
And there are lots of detailed information available (for searching) at Arch and Nvidia sites. It might be possible to find relevant information regarding your machine specs.
Note that you are learning a lot while investigating this problem, for example tips about kernel parameters. That might be useful knowledge also with other possible issues or configurations.
Please note that Nvidia GPUs unfortunately have a long and practically endless history of problems with Linux environments. That’s why you’ll probably see lots of recommendations to avoid Nvidia GPUs with Linux.
I am certainly learning something. This was the reason I started using linux more than 2 decades back! Also good that my misadventures help some other unfortunate soul!
I am also considering getting a cheap AMD graphics card to add to my system especially if playing some of my high fidelity videos and such become an issue. For now, the 30 Hz display with the open source driver is sufficient.
Update: Current 30 Hz refresh rate is definitely problematic even for casual gaming on linux - I was only trying to play a strategy game that is not very graphics heavy and it led to a crash.
Switched GPU to a AMD RX 6600 XT. Booted up fine with higher refresh rates. System stable so far.