Regression: Severe screen flickering since kernel 5.11

My laptop's screen flickers so much with kernels 5.11.4-1.3+ that it renders my laptop unusable.
There was no screen flickering with 5.10.16-1.3. It started with kernel 5.11.4-1.3 and it still happens with 6.1.7-1.

It starts flickering a little when I get the prompt for my encrypted /home partition password. Once KDE has finished loading, I get severe flickering.
One workaround is to close and open the lid. After resuming, it works fine - there is no flickering.

I have tried booting up with the following options and it didn't make any difference;
i915.enable_psr=0
i915.enable_dc=0
i915.enable_fbc=0

Graphics card: Intel UHD Graphics 600
System architecture: x86_64
Kernel version: 6.1.7-1-default
Distribution: openSUSE Tumbleweed 20230123