questing-snapshot2/Aarch64/Hyper-V: ISO image fails to boot up Ubuntu due to a kernel panic "No working init found."

I tried Questing Snapshot 2(aarch64) on Hyper-V, Surface Pro 11(X1e) but it fails to boot up due to a kernel panic.

Problem Description:
- The Questing Snapshot 2(aarch64) image fails to boot up Ubuntu due to a kernel panic "No working init found."

Environment:
- The system is a VM on Hyper-V.
- The host machine is a Surface Pro 11th gen (Qcom X1E-80-100, Windows 11 Pro)

Reproducing steps:
1. Download the image from https://cdimage.ubuntu.com/ubuntu/releases/25.10/snapshot-2/
2. Create a VM.
3. Insert the image to the VM(and configure boot order to boot it from the image)
4. Turn off the secure boot.
5. Power on the VM.
6. Select "Try or Install Ubuntu"

Expected behaviour:
- The Ubuntu should boot up.

Actual behaviour:
- Booting is failed due to the kernel panic "No working init." Please see also an attached screenshot.

Additional research
Ubuntu 25.04 image works well on Hyper-V on the same host machine.
I also tried the same image on KVM on Raspberry Pi 5 and it successfully booted up.

Let me know if you need more information.

Regards,