Hopefully I'm doing something wrong here.

I'm not sure what do you mean by "rebuilt Emacs completely", I've downloaded https://git.savannah.gnu.org/cgit/emacs.git/snapshot/emacs-acc9b461538d65190cd88f87fd997f733f382ad9.tar.gz and used it to build Emacs.

I've even tried to use it without cairo.

Also, I'm not sure what do you mean by "recipe", but the way to reproduce the error for me is the same like it was... and with this new build I get these details collected

In GNU Emacs 27.1 (build 3, x86_64-pc-linux-gnu, GTK+ Version 3.24.23)
 of 2020-10-06 built on delpas
Windowing system distributor 'The X.Org Foundation', version 11.0.12009000
System Description: Arch Linux

Recent messages:
user-error: No further undo information
C-x M-x is undefined
Quit [2 times]
Making completion list...
Quit [2 times]
Making completion list...
You can run the command ‘kill-buffer’ with C-x k
Making completion list...

Configured using:
 'configure --prefix=/usr --sysconfdir=/etc --libexecdir=/usr/lib
 --localstatedir=/var --with-x-toolkit=gtk3 --with-xft --with-modules
 --without-cairo 'CFLAGS=-march=x86-64 -mtune=generic -O2 -pipe
 -fno-plt' CPPFLAGS=-D_FORTIFY_SOURCE=2
 LDFLAGS=-Wl,-O1,--sort-common,--as-needed,-z,relro,-z,now'

Configured features:
XPM JPEG TIFF GIF PNG RSVG SOUND GPM DBUS GSETTINGS GLIB NOTIFY INOTIFY
ACL GNUTLS LIBXML2 FREETYPE HARFBUZZ M17N_FLT LIBOTF XFT ZLIB
TOOLKIT_SCROLL_BARS GTK3 X11 XDBE XIM MODULES THREADS LIBSYSTEMD JSON
PDUMPER LCMS2 GMP

Important settings:
  value of $LC_TIME: sr_RS.UTF-8
  value of $LANG: en_US.UTF-8
  locale-coding-system: utf-8-unix

Major mode: Lisp Interaction

Minor modes in effect:
  tooltip-mode: t
  global-eldoc-mode: t
  eldoc-mode: t
  electric-indent-mode: t
  mouse-wheel-mode: t
  tool-bar-mode: t
  menu-bar-mode: t
  file-name-shadow-mode: t
  global-font-lock-mode: t
  font-lock-mode: t
  blink-cursor-mode: t
  auto-composition-mode: t
  auto-encryption-mode: t
  auto-compression-mode: t
  line-number-mode: t
  visual-line-mode: t
  transient-mark-mode: t

Load-path shadows:
None found.

Features:
(help-mode pp shadow sort mail-extr emacsbug message rmc puny dired
dired-loaddefs format-spec rfc822 mml easymenu mml-sec password-cache
epa derived epg epg-config gnus-util rmail rmail-loaddefs
text-property-search time-date subr-x seq byte-opt gv bytecomp
byte-compile cconv mm-decode mm-bodies mm-encode mail-parse rfc2231
mailabbrev gmm-utils mailheader cl-loaddefs cl-lib sendmail rfc2047
rfc2045 ietf-drums mm-util mail-prsvr mail-utils tooltip eldoc electric
uniquify ediff-hook vc-hooks lisp-float-type mwheel term/x-win x-win
term/common-win x-dnd tool-bar dnd fontset image regexp-opt fringe
tabulated-list replace newcomment text-mode elisp-mode lisp-mode
prog-mode register page tab-bar menu-bar rfn-eshadow isearch timer
select scroll-bar mouse jit-lock font-lock syntax facemenu font-core
term/tty-colors frame minibuffer cl-generic cham georgian utf-8-lang
misc-lang vietnamese tibetan thai tai-viet lao korean japanese eucjp-ms
cp51932 hebrew greek romanian slovak czech european ethiopic indian
cyrillic chinese composite charscript charprop case-table epa-hook
jka-cmpr-hook help simple abbrev obarray cl-preloaded nadvice loaddefs
button faces cus-face macroexp files text-properties overlay sha1 md5
base64 format env code-pages mule custom widget hashtable-print-readable
backquote threads dbusbind inotify lcms2 dynamic-setting
system-font-setting font-render-setting move-toolbar gtk x-toolkit x
multi-tty make-network-process emacs)

Memory information:
((conses 16 48012 9439)
 (symbols 48 6106 1)
 (strings 32 16061 1764)
 (string-bytes 1 523665)
 (vectors 16 11050)
 (vector-slots 8 140150 12926)
 (floats 8 22 32)
 (intervals 56 268 1)
 (buffers 1000 13))