Boot crash after latest update of intel-microcode (Nov 11 2020)

There is a new version of intel-microcode package. After the update the PC starts without problems. From apt changelog intel-microcode:

Version 3.20201110.0ubuntu0.20.04.2:
  * SECURITY REGRESSION: Some CPUs in the Tiger Lake family sig=0x806c1
    fail to boot (LP: #1903883)
    - remove 06-8c-01/0x000806c1 microcode

Had same problem with Asus UX305CA, boot hangs with black screen after last update. Served me a really bad day: Tried recovery, grub-recovery... nothing helped. I'm only able to boot to recovery mode. Since I have QHD display, I suspect the Intel driver update is the reason.

My temporary fix:

1. Identfy the prior version by

   sudo apt-cache policy intel-microcode
   

2. and roll back to this version

   sudo apt-get install intel-microcode=3.20180312.0~ubuntu18.04.1
   

Reboot now works again in normal mode.