It’s not related to either video memory (it works fine in cycles preview mode) and it’s not something that’s disabled in viewport.
It turned out to be some “cursed” collection. Just having it present in the geometry node tree (even when it’s not connected to anything) causes the render to freeze (but causes no other issues)
The collection was linked from another blend file, which in turn were realized collections from within that same blend file.
No idea why this went wrong, this has been in the project for a while and caused no issue, and nothing has changed in that collection.
It’s “solved” now, after moving the collection to my main blend file. Not an elegant solution, but at least I can render again