I upgraded my system to Fedora 42 (specifically a custom build of Silverblue 42 using the Universal Blue tooling), which includes grub2-efi-ia32-2.12-28.fc42.x86_64 and grub2-efi-x64-2.12-28.fc42.x86_64, etc

When I check the output of bootupctl status, I see the following:

$ sudo bootupctl status 
Running as unit: bootupd.service
Component EFI
  Installed: grub2-efi-ia32-1:2.12-21.fc41.x86_64,grub2-efi-x64-1:2.12-21.fc41.x86_64,shim-ia32-15.8-3.x86_64,shim-x64-15.8-3.x86_64
  Update: Ignoring downgrade
No components are adoptable.
Boot method: EFI

It looks like the shim packages have successfully upgraded the EFI binaries, but the grub2-efi packages have not.

When I try bootupctl update, it reports no updates avaiilable.

$ sudo bootupctl update
Running as unit: bootupd.service
No update available for any component.

Nothing in the journal points to a failure or error.