Looks like there is bug in SystemZTargetTransformInfo.cpp, SystemZTTIImpl::getVectorInstrCost:
if (Val->isIntOrIntVectorTy(BitWidth: 64))
return ((Index % 2 == 0) ? 1 : 0);
It returns cost 1 for insertion into lane 0 and cost 0 for insertion into lane 1, though looks like SystemZTTIImpl::getScalarizationOverhead implements different logic