After some more searching, I did find two options in the UEFI:

"TSME" (Description: "Transparent SME: AddrTweakEn = 1; ForceEncrEn =1; 
DataEncrEn = 0")
"Data Scramble" (Description: "Data scrambling: DataScrambleEn. ")

Both can be set to Enabled/Disabled/Auto, with auto being the default.

I tried all possible combinations:
TSME=Auto, Scramble=Disabled -> black screen
TSME=Auto, Scramble=Enabled -> black screen
TSME=Auto, Scramble=Auto -> black screen
TSME=Disabled, Scramble=Disabled -> black screen
TSME=Disabled, Scramble=Enable -> black screen
TSME=Disabled, Scramble=Auto -> black screen

When I use any of
TSME=Enabled, Scramble=Disabled
TSME=Enabled, Scramble=Enabled
TSME=Enabled, Scramble=Auto

This leads to the kernel actually booting, but soon hanging with the following 
error:
ata9: softreset failed (1st FIS failed)
ata9: SATA link up 1.5Gbps (SStatus 113 SControl 300)
ata9.00: qc timeout (cmd 0xa1)
ata9.00: failed to IDENTIFY (I/O error, err_mask=0x4)
ata9: SATA link up 1.5Gbps (SStatus 113 SControl 300)
ata9: link online but 1 devices misclassified, retrying
ata9: reset failed (errno=-11), retrying in 10 secs
ata9: softreset failed (1st FIS failed)
ata9: SATA link up 1.5Gbps (SStatus 113 SControl 300)
ata9.00: qc timeout (cmd 0xa1)

There is also a pink bar on the left side of the screen. I was able to
get rid of that by using `module_blacklist=radeon`. (This did not help
with the ata9 issue though)

I tried all sata slots on the board to rule out any issues here.

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You received this bug notification because you are a member of Kernel
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https://bugs.launchpad.net/bugs/1879538

Title:
  System freeze when booting with mem_encrypt=on

Status in linux package in Ubuntu:
  Confirmed

Bug description:
  I want to use AMD SME (memory encryption) on ubuntu 20.04.
  Hardware: ASRock B450 Pro4, Ryzen 3600, 16GB memory. 

  Unfortunately, when I use the `mem_encrypt=on` cmdline option, the
  system completely freezes when grub tries to load kernel/initramfs.
  Black screen, so unfortunately no log output.

  I have tried adding iommu=soft as I read that suggestion in another
  place, but that did not help.

  ProblemType: Bug
  DistroRelease: Ubuntu 20.04
  Package: linux-image-5.4.0-29-generic 5.4.0-29.33
  ProcVersionSignature: Ubuntu 5.4.0-29.33-generic 5.4.30
  Uname: Linux 5.4.0-29-generic x86_64
  ApportVersion: 2.20.11-0ubuntu27
  Architecture: amd64
  AudioDevicesInUse:
   USER        PID ACCESS COMMAND
   /dev/snd/controlC1:  gdm        1361 F.... pulseaudio
   /dev/snd/controlC0:  gdm        1361 F.... pulseaudio
  CasperMD5CheckResult: skip
  Date: Tue May 19 19:45:04 2020
  InstallationDate: Installed on 2020-05-15 (3 days ago)
  InstallationMedia: Ubuntu 20.04 LTS "Focal Fossa" - Release amd64 (20200423)
  IwConfig:
   lo        no wireless extensions.
   
   enp8s0    no wireless extensions.
  Lsusb:
   Bus 004 Device 001: ID 1d6b:0003 Linux Foundation 3.0 root hub
   Bus 003 Device 001: ID 1d6b:0002 Linux Foundation 2.0 root hub
   Bus 002 Device 001: ID 1d6b:0003 Linux Foundation 3.0 root hub
   Bus 001 Device 002: ID 046d:c52b Logitech, Inc. Unifying Receiver
   Bus 001 Device 001: ID 1d6b:0002 Linux Foundation 2.0 root hub
  MachineType: To Be Filled By O.E.M. To Be Filled By O.E.M.
  ProcFB: 0 radeondrmfb
  ProcKernelCmdLine: BOOT_IMAGE=/vmlinuz-5.4.0-29-generic 
root=/dev/mapper/desktop_vg0-ubuntu_root ro
  PulseList: Error: command ['pacmd', 'list'] failed with exit code 1: No 
PulseAudio daemon running, or not running as session daemon.
  RelatedPackageVersions:
   linux-restricted-modules-5.4.0-29-generic N/A
   linux-backports-modules-5.4.0-29-generic  N/A
   linux-firmware                            1.187
  RfKill:
   
  SourcePackage: linux
  UpgradeStatus: No upgrade log present (probably fresh install)
  dmi.bios.date: 03/05/2020
  dmi.bios.vendor: American Megatrends Inc.
  dmi.bios.version: P4.10
  dmi.board.name: B450 Pro4
  dmi.board.vendor: ASRock
  dmi.chassis.asset.tag: To Be Filled By O.E.M.
  dmi.chassis.type: 3
  dmi.chassis.vendor: To Be Filled By O.E.M.
  dmi.chassis.version: To Be Filled By O.E.M.
  dmi.modalias: 
dmi:bvnAmericanMegatrendsInc.:bvrP4.10:bd03/05/2020:svnToBeFilledByO.E.M.:pnToBeFilledByO.E.M.:pvrToBeFilledByO.E.M.:rvnASRock:rnB450Pro4:rvr:cvnToBeFilledByO.E.M.:ct3:cvrToBeFilledByO.E.M.:
  dmi.product.family: To Be Filled By O.E.M.
  dmi.product.name: To Be Filled By O.E.M.
  dmi.product.sku: To Be Filled By O.E.M.
  dmi.product.version: To Be Filled By O.E.M.
  dmi.sys.vendor: To Be Filled By O.E.M.

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