I found the problem.
5.2.7-1 had
# CONFIG_INTEL_IOMMU_DEFAULT_ON is not set
5.2.9-1 had
CONFIG_INTEL_IOMMU_DEFAULT_ON=y
5.2.9-2 has
# CONFIG_INTEL_IOMMU_DEFAULT_ON is not set
CONFIG_INTEL_IOMMU_DEFAULT_ON_INTGPU_OFF=y
Only 5.2.7-1 boots on my system.
I can successfully boot 5.2.9-2 if I pass intel_iommu=off to the kernel
command line.