After I tried to update xorg-server and it failed to start, I got an interesting explanation from the xorg-server people:
From what I understand, the Xorg's fbdev driver filters out PCI devices, because they have a DRM driver available. It only binds to things like efifb, which is on the platform bus. The actual PCI graphics device has a DRM driver and is supported by Xorg's modeset driver.
Xorg detected this before kernel 6.9, but looked at the wrong place in sysfs. With kernel 6.9 it broke and therefore Xorg's fbdev would bind to PCI devices. That's why it worked. After we fixed Xorg in the cited commit, the filter is back and working as intented. If you revert that commit and go back to a kernel before 6.9, I'm sure it would filter it out either.
So yeah, I'm sure this isn't a bug. If you want fbdev on this hardware, you have to set it manually.
The latest state of play, on my intel haswell hardware at least is:
64-bit without graphics-KERNEL: fbdev doesn't work, but uses xf86-video-vesa
64-bit with graphics-KERNEL: both modesetting and xf86-video-intel work
32-bit without graphics-KERNEL: fbdev doesn't work, but uses xf86-video-vesa - hangs on exit to console prompt
32-bit with graphics-KERNEL: modesetting hangs, xf86-video-intel works