I can’t find a way to submit a bug report, and the fix was fairly easy for me so I’m just posting it here.
I ran the update via fwupdmgr in Linux and the actual update was fine, but I noticed that the allotted iGPU memory in System Monitor was only 2GB instead of the previous 4GB and was not being dynamically allocated as needs dictated.
The UEFI settings continue to show it as being in gaming mode and not the auto-mode, so nothing should have changed.
The fix for me was to change the setting back to Auto, save changes and exit, and retoggle it back onto Gaming. After that it bumped up the assigned memory to 8GB (which is great and more appropriate for 96GB RAM).

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If you think this is a BIOS issue, You can also report the issue here. Framework looks there too
as for me, after I learnt about UMA ( Uniform Memory Access ) and AMD Phoenix, I set my VRAM BIOS option to auto ( 512 MB for me ) and later on the kernel command line amdgpu.gttsize=24576
This is basically 512 MB + 24GB RAM that my iGPU can use
there are 3 memory domains
RAM, GTT, VRAM
and total memory of 32GB
RAM is for CPU
VRAM is for iGPU
GTT is usable by both CPU and iGPU although I think CPU has priority
memory is reserved/allocated to each of those domains
the iGPU can use memory from VRAM and GTT where as the CPU can use memory for RAM and GTT and when they want to ( CPU and iGPU ) can share memory via GTT otherwise GTT is a memory pool
I’ve tried the BIOS with both options ( auto and gaming ) and the gaming and general use performance is no different to me
I don’t know all the details so someone could tune my explanation here but yeah I’m running Doom Eternal with no issues
i seem to remember something similar happening to people with a previous update.
last time it happened, it was due to the firmware incorrectly reverting to the auto preset (but not updating its ui). the fix was also to set the setting to auto and back to gaming
its possible that this is just an issue with the firmware update process in general