I am seeing the same thing on the non-arm version as well. There seems to be a hang if there is no IP on a detected Ethernet interface. I get to "Reached target Basic System" and then sit there for ~150 seconds at which point I get dracut messages. If I plug in an ethernet cable, the system boots cleanly. When the system does boot correctly, it looks like the box is doing a double lease:
192.168.1.75 00:01:c0:20:b2:ea 2018/11/11 22:03:44 2018/11/12 00:03:44 online active
192.168.1.74 00:01:c0:20:b2:ea 2018/11/11 22:03:33 2018/11/12 00:03:33 online active
I was able to cross verify this with a virtual instance by disconnecting the NIC and the same thing happens. I am using the 11/06 build.
Dave