It seems the issue was hanging around since 2009 or earlier.
In Trusty (or probably even earlier distros) it was possible to work around by setting a sufficiently long rootdelay, and eventually all the LVs in all VGs came online. But since Utopic, initrd gives up altogether. No matter how long my rootdelay is, my 2nd VG never gets activated after the snapshot came online in the 1st VG.
With the knowledge that the hang is caused by snapshots, some googling has brought up some duplicates: /bugs.launchpad .net/lvm2/ +bug/360237 /bugs.launchpad .net/ubuntu/ +source/ lvm2/+bug/ 995645
https:/
https:/
It seems the issue was hanging around since 2009 or earlier.
In Trusty (or probably even earlier distros) it was possible to work around by setting a sufficiently long rootdelay, and eventually all the LVs in all VGs came online. But since Utopic, initrd gives up altogether. No matter how long my rootdelay is, my 2nd VG never gets activated after the snapshot came online in the 1st VG.