The recommended way of running systemd-bootchart is via the kernel parameter "init=/usr/lib/systemd/systemd-bootchart", as described here:
https://github.com/systemd/systemd-bootchart/blob/main/man/systemd-bootchart.xml
Running using "init=" seems to have been broken for some time on switch-root systems (at least since systemd v251).
A test should be added to exercise "init=".