I have 4 various kernels installed for Arch, and can confirm seeing a similar large increase in each initramfs file size with 570.86.16 Beta.
It definitely adds up, and I will likely need to drop one kernel as a result so as not to exhaust my ESP.
-rw-r----- 1 root root 197M Feb 3 10:37 initramfs-linux.img
-rw-r----- 1 root root 197M Feb 3 10:37 initramfs-linux-lts.img
-rw-r----- 1 root root 155M Feb 3 10:37 initramfs-linux-stable-mfm.img
-rw-r----- 1 root root 155M Feb 3 10:37 initramfs-linux-zen-mfm.img
-rw-r----- 1 root root 75M Jan 17 12:01 initrd.img-6.1.0-30-amd64