@[deleted] @viyoriya @dbarron Thank you all for the pointers and suggestions! I think this is closer to finding the issue.
My EFI paths look different than yours:
├── efi -> /boot/EFI
├── EFI
│  ├── Boot
│  │  └── BOOTX64.EFI
│  ├── com.solus-project
│  │  ├── initrd-com.solus-project.current.4.20.16-112
│  │  ├── initrd-com.solus-project.current.5.1.14-121
│  │  ├── kernel-com.solus-project.current.4.20.16-112
│  │  └── kernel-com.solus-project.current.5.1.14-121
│  └── systemd
│  └── systemd-bootx64.efi
└── loader
├── entries
│  ├── Solus-current-4.20.16-112.conf
│  └── Solus-current-5.1.14-121.conf
└── loader.conf
and the contents of my loader.conf is only:
default Solus-current-5.1.14-121
What puzzles me is that when I edit the boot options while booting, I simply change the 4x kernel initrd path to the 5x one (spelling triple checked!) and it fails to boot. I'm pretty lost because I'm still learning about UEFI - it seems not as straightforward as plain grub that I'm more used to.
To be clear, from the above it looks to me like it should be booting 5x kernel, but the boot params and uname -r output show I'm running the 4x kernel:
$ uname -r
4.20.16-112.current
and clr-boot-manager has no clue either
$ clr-boot-manager list-kernels
* com.solus-project.current.5.1.14-121
com.solus-project.current.4.20.16-112
What does clr-boot-manager specifically do? Maybe that is messing up and not editing the right files.