In fact /dev/pts is mounted in the ‘init’ initramfs script since commit 261811b5 [0], so we could simply remove ‘scripts/init-premount/devpts’.
-- Guilhem. [0] https://anonscm.debian.org/cgit/kernel/initramfs-tools.git/commit/init?id=261811b5d0524c7fe579bf4ca22915c2dc4b636f
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