Yes, on a recent Arch install I used a list of packages that included dracut for my pacstrap and my resulting installation did not include mkinitcpio at all.
It is interesting that mkinitcpio and dracut do not conflict with each other from a package management perspective. Do you know if there is some reason they have decided to allow them both to be installed? It seems like it would cause nothing but problems.
I donât have any inside information but it is probably because they donât technically conflict. Since the dracut package ships without any hooks, it doesnât hurt to have it installed. However, if you actually start using it, you will likely have a problemâŚ
So, to sum this up, if you install Arch Linux The ArchWiki way without any intervention (as described in the ArchWiki), and without explicitly installing dracut, you will always end up with an mkinitcpio-installation.