kernel panics are ofen caused by incompatible, obsolete, or corrupted kernel extensions and or drivers, although they can be caused by faulty ram. but your previous kernel obviously worked.
as uelsk8s posted in another thread
I downloaded the kernel and modules(22.214.171.124, 126.96.36.199, 188.8.131.52) to the home directory
then in terminal- su to root, enter password then
dialog ask mbr, in my case yes, click through, I turn off the boot splash
back to root
reboot and choose kernel of choice
I added these to 5.9 std and 5.9 light with no issue installing or booting
with the exception of the novmsplice patch I had added to default 184.108.40.206 in std which had to be commented out of the etc/rc.d/modules (thanks to caitlyn) or I got a modules failed during boot
the 220.127.116.11 kernel is included in light I think
during my regular use I have not had issue
I have yet to network boxs together in linux and use my faxline for dialup. I have not compiled drivers or modules yet so this is likely of little value.
if you can boot the old kernel perhaps var/log/boot.log can shed light
my limited attempt to assist