See: Hyperbola is NOT Arch GNU/Linux and also not GNU/Linux in general since 0.4. We do not orient on those defaults as we are on the way towards HyperbolaBSD. So luks is also no real point of interest for us as this is not supported on BSD itself. We do not use any copies from others and create our own defined packages.
So we have also no interest to upgrade mkinitramfs for the moment. For sure: If you have interest to create a different solution, we can take together a look into this and can create a solution for your question based on the used versions here at Hyperbola. We do not define software working as "old" when it works nevertheless.
You can surely point out towards bugs and issues stated at Arch GNU/Linux. But this does not mean we will follow their solutions or their packaging. We even cannot as we do neither use systemd nor udev for sure and plan even to remove the support for udev complete in the near future. So also here: No interest from our side to keep those.
Human being in favor with clear principles and so also for freedom in soft- and hardware!
Certainly anyone who has the power to make you believe absurdities has the power to make you commit injustices: For a life of every being full with peace and kindness, including diversity and freedom. Capitalism is destroying our minds, the planet itself and the universe in the end!