GPU hang / Xserver crash on i915 in Blender

I recently see this crash a lot in Blender viewport, in particular (but not exclusively) in material preview mode:

Blender version is 2.91 and kernel 5.10.6-arch1-1 (Arch Linux), but it has at least been present since 5.9.x.

gpucrashdump

[ 2825.529797] i915 0000:00:02.0: [drm] Resetting rcs0 for preemption time out
[ 2825.529814] i915 0000:00:02.0: [drm] blender[1465] context reset due to GPU hang
[ 2825.564645] i915 0000:00:02.0: [drm] GPU HANG: ecode 9:1:87f99eb9, in blender [1465]
[ 2825.564648] GPU hangs can indicate a bug anywhere in the entire gfx stack, including userspace.
[ 2825.564648] Please file a _new_ bug report at https://gitlab.freedesktop.org/drm/intel/issues/new.
[ 2825.564649] Please see https://gitlab.freedesktop.org/drm/intel/-/wikis/How-to-file-i915-bugs for details.
[ 2825.564649] drm/i915 developers can then reassign to the right component if it's not a kernel issue.
[ 2825.564650] The GPU crash dump is required to analyze GPU hangs, so please always attach it.
[ 2825.564651] GPU crash dump saved to /sys/class/drm/card0/error
[ 2828.489793] i915 0000:00:02.0: [drm] Resetting rcs0 for preemption time out
[ 2828.489807] i915 0000:00:02.0: [drm] blender[1465] context reset due to GPU hang
[ 2828.500159] i915 0000:00:02.0: [drm] GPU HANG: ecode 9:1:85df9ffd, in blender [1465]
[ 2835.903078] i915 0000:00:02.0: [drm] Resetting rcs0 for preemption time out
[ 2835.903090] i915 0000:00:02.0: [drm] blender[1465] context reset due to GPU hang
[ 2835.929080] i915 0000:00:02.0: [drm] GPU HANG: ecode 9:1:85dfbfff, in blender [1465]