Solved by upgrading to newer MESA driver. Tested on same environment.
"Mar 23 21:52:24 lvl2: EmulationStation - v2.11.0rp-dev, built Mar 23 2022 - 21:34:05
Mar 23 21:52:24 lvl2: Parsing XML file "/opt/retropie/supplementary/emulationstation-dev/resources/mamenames.xml"...
Mar 23 21:52:24 lvl2: Parsing XML file "/opt/retropie/supplementary/emulationstation-dev/resources/mamebioses.xml"...
Mar 23 21:52:24 lvl2: Parsing XML file "/opt/retropie/supplementary/emulationstation-dev/resources/mamedevices.xml"...
Mar 23 21:52:24 lvl2: Creating window...
Mar 23 21:52:24 lvl2: Created window successfully.
Mar 23 21:52:24 lvl2: GL vendor: Panfrost
Mar 23 21:52:24 lvl2: GL renderer: Mali-T760 (Panfrost)
Mar 23 21:52:24 lvl2: GL version: 3.1 Mesa 22.1.0-devel
Mar 23 21:52:24 lvl2: Checking available OpenGL extensions...
Mar 23 21:52:24 lvl2: ARB_texture_non_power_of_two: ok"
Sorry for the trouble.