...and, with the updated firmware-i915 (?!) things work.
Bizarrely, when graphics-KERNEL is loaded, both i915 and xe kernel modules load.
dmesg | grep -i firmware
xe 0000:00:02.0: [drm] Finished loading DMC firmware i915/adlp_dmc.bin (v2.20)
xe 0000:00:02.0: [drm] Tile0: GT0: Using GuC firmware from i915/adlp_guc_70.bin version 70.49.4
xe 0000:00:02.0: [drm] Tile0: GT0: Using HuC firmware from i915/tgl_huc.bin version 7.9.3
dmesg
...
Setting dangerous option force_probe - tainting kernel
Console: switching to colour dummy device 80x25
xe 0000:00:02.0: vgaarb: deactivate vga console
xe 0000:00:02.0: [drm] Running in SR-IOV PF mode
xe 0000:00:02.0: [drm] Found alderlake_p/raptorlake_u (device ID a7a1) integrated display version 13.00 stepping E0
xe 0000:00:02.0: vgaarb: VGA decodes changed: olddecodes=io+mem,decodes=none:owns=io+mem
xe 0000:00:02.0: [drm] Finished loading DMC firmware i915/adlp_dmc.bin (v2.20)
xe 0000:00:02.0: [drm] Tile0: GT0: Using GuC firmware from i915/adlp_guc_70.bin version 70.49.4
xe 0000:00:02.0: [drm] Tile0: GT0: Using HuC firmware from i915/tgl_huc.bin version 7.9.3
xe 0000:00:02.0: [drm] Tile0: GT0: vcs1 fused off
xe 0000:00:02.0: [drm] Tile0: GT0: vcs3 fused off
xe 0000:00:02.0: [drm] Tile0: GT0: vcs4 fused off
xe 0000:00:02.0: [drm] Tile0: GT0: vcs5 fused off
xe 0000:00:02.0: [drm] Tile0: GT0: vcs6 fused off
xe 0000:00:02.0: [drm] Tile0: GT0: vcs7 fused off
xe 0000:00:02.0: [drm] Tile0: GT0: vecs1 fused off
xe 0000:00:02.0: [drm] Tile0: GT0: vecs2 fused off
xe 0000:00:02.0: [drm] Tile0: GT0: vecs3 fused off
mei_hdcp 0000:00:16.0-b638ab7e-94e2-4ea2-a552-d1c54b627f04: bound 0000:00:02.0 (ops 0xffffffffa0448730)
[drm] Initialized xe 1.1.0 for 0000:00:02.0 on minor 0
ACPI: video: Video Device [GFX0] (multi-head: yes rom: no post: no)
input: Video Bus as /devices/LNXSYSTM:00/LNXSYBUS:00/PNP0A08:00/LNXVIDEO:00/input/input14
fbcon: xedrmfb (fb0) is primary device
Console: switching to colour frame buffer device 240x75
xe 0000:00:02.0: [drm] fb0: xedrmfb frame buffer device
Setting dangerous option force_probe - tainting kernel
cat /var/log/Xorg.0.log | grep -i xe
[ 364.966] Kernel command line: BOOT_IMAGE=/boot/vmlinuz64_17 quiet text tce=UUID=8dbbcd1f-1057-4c54-8aea-7088ead72620/tce64_tc17 waitusb=10:UUID=8dbbcd1f-1057-4c54-8aea-7088ead72620 host=boxdell noutc noswap syslog xe.force_probe=a7a1 i915.force_probe=!a7a1
[ 365.611] (II) modeset(0): glamor X acceleration enabled on Mesa Intel(R) Iris(R) Xe Graphics (RPL-U)
inxi -G -x
Graphics:
Device-1: Intel Raptor Lake-P [Iris Xe Graphics] vendor: Dell driver: xe
v: kernel arch: Xe bus-ID: 0000:00:02.0
Display: server: X.org driver: X: loaded: modesetting unloaded: fbdev,vesa
dri: iris gpu: xe resolution: <missing: xdpyinfo/xrandr>
resolution: 1920x1200
API: EGL v: 1.5 drivers: iris,swrast platforms:
active: gbm,x11,surfaceless,device inactive: wayland
API: OpenGL v: 4.6 compat-v: 4.5 vendor: mesa v: 26.0.7 note: glxinfo
missing (EGL sourced) renderer: Mesa Intel Iris Xe Graphics (RPL-U),
llvmpipe (LLVM 22.1.0 256 bits)
API: Vulkan v: 1.4.350 drivers: intel,llvmpipe surfaces: N/A devices: 2
Info: Tools: api: eglinfo,vulkaninfo