Yocto Image-initramfs is not executed

Question

I'm creating distribution using Yocto. The idea is to boot into initramfs, change disk parameters e.g. enable encryption. I've created initramfs image my-initramfs.bb:

LICENSE = "CLOSED"
inherit core-image
INITRAMFS_SCRIPTS ?= "\
                      initramfs-framework-base \
                      initramfs-module-setup-live \
                      initramfs-module-udev \
                      initramfs-module-install \
                      initramfs-module-install-efi \
                     "

VIRTUAL-RUNTIME_dev_manager ?= "systemd"

PACKAGE_INSTALL = "\
    initrd-setup \
    systemd-conf \
    packagegroup-core-boot \
    dropbear \
    ${VIRTUAL-RUNTIME_base-utils} \
    ${VIRTUAL-RUNTIME_dev_manager} \
    ${INITRAMFS_SCRIPTS} \
    base-passwd \
    ${ROOTFS_BOOTSTRAP_INSTALL} \
    "

IMAGE_FSTYPES:append = " ${INITRAMFS_FSTYPES} "

Then add configuration in conf/local.conf:

INITRAMFS_IMAGE_BUNDLE = "1"                                                                     
INITRAMFS_IMAGE = "my-initramfs"

Then I built core-image-base. When I run my-initramfs in qemu, it is executing everything as planned.

[    1.390237] Run /sbin/init as init process
[    1.401400] usb 1-1: new high-speed USB device number 2 using xhci_hcd
[    1.564060] input: QEMU QEMU USB Tablet as /devices/platform/4010000000.pcie/pci0000:00/0000:00:04.0/usb1/1-1/1-1:1.0/0003:0627:0001.0001/input/input0
[    1.565226] hid-generic 0003:0627:0001.0001: input: USB HID v0.01 Mouse [QEMU QEMU USB Tablet] on usb-0000:00:04.0-1/input0
[    1.609303] systemd[1]: systemd 255.1^ running in system mode (-PAM -AUDIT -SELINUX -APPARMOR +IMA -SMACK +SECCOMP -GCRYPT -GNUTLS -OPENSSL +ACL +BLKID -CURL -ELFUTILS -FIDO2 -IDN2 -IDN -IPTC +KMOD -LIBCRYPTSETUP +LIBFDISK -PCRE2 -PWQUALITY -P11KIT -QRENCODE -TPM2 -BZIP2 -LZ4 -XZ -ZLIB +ZSTD -BPF_FRAMEWORK +XKBCOMMON +UTMP +SYSVINIT default-hierarchy=unified)
[    1.611361] systemd[1]: Detected virtualization qemu.
[    1.611927] systemd[1]: Detected architecture arm64.
[    1.612263] systemd[1]: Running in initrd.
[    1.625055] systemd[1]: Hostname set to <qemuarm64>.

When I run core-image-base, expecting that initramfs will be called before mounting disks - it just boots, no initramfs involved.

[    1.362359] Run /sbin/init as init process
[    1.385213] usb 1-1: new high-speed USB device number 2 using xhci_hcd
[    1.552707] input: QEMU QEMU USB Tablet as /devices/platform/4010000000.pcie/pci0000:00/0000:00:04.0/usb1/1-1/1-1:1.0/0003:0627:0001.0001/input/input0
[    1.553794] hid-generic 0003:0627:0001.0001: input: USB HID v0.01 Mouse [QEMU QEMU USB Tablet] on usb-0000:00:04.0-1/input0
[    1.571365] systemd[1]: systemd 255.1^ running in system mode (-PAM -AUDIT -SELINUX -APPARMOR +IMA -SMACK +SECCOMP -GCRYPT -GNUTLS -OPENSSL +ACL +BLKID -CURL -ELFUTILS -FIDO2 -IDN2 -IDN -IPTC +KMOD -LIBCRYPTSETUP +LIBFDISK -PCRE2 -PWQUALITY -P11KIT -QRENCODE -TPM2 -BZIP2 -LZ4 -XZ -ZLIB +ZSTD -BPF_FRAMEWORK +XKBCOMMON +UTMP +SYSVINIT default-hierarchy=unified)
[    1.573247] systemd[1]: Detected virtualization qemu.
[    1.573598] systemd[1]: Detected architecture arm64.
[    1.584784] systemd[1]: Hostname set to <qemuarm64>.

I need to execute scripts before disks are mounted to manipulate disks on raspberrypi. Maybe I'm doing something wrong, and I should do something completely different?