For the record, here is the mentioned command line from the log:
➜ ~ grep ' process ' /Library/Logs/Multipass/multipassd.log
[2020-12-18T01:54:45.318] [debug] [intrinsic-alligator] process working dir ''
[2020-12-18T01:54:45.318] [info] [intrinsic-alligator] process program '/Library/Application Support/com.canonical.multipass/bin/hyperkit'
[2020-12-18T01:54:45.318] [info] [intrinsic-alligator] process arguments '-c, 1, -m, 1024M, -u, -A, -H, -U, fe188fa9-9b9b-3215-804c-79e7e746c35d, -s, 0:0,hostbridge, -s, 2:0,virtio-net, -s, 5,virtio-rnd, -s, 31,lpc, -l, com1,autopty=/var/root/Library/Application Support/multipassd/vault/instances/intrinsic-alligator/pty,log=/Library/Logs/Multipass/intrinsic-alligator-hyperkit.log, -s, 1:0,virtio-blk,file:///var/root/Library/Application Support/multipassd/vault/instances/intrinsic-alligator/ubuntu-20.04-server-cloudimg-amd64.img?sync=os&buffered=1,format=qcow,qcow-config=discard=true;compact_after_unmaps=262144;keep_erased=262144;runtime_asserts=false, -s, 1:1,ahci-cd,/var/root/Library/Application Support/multipassd/vault/instances/intrinsic-alligator/cloud-init-config.iso, -f, kexec,/var/root/Library/Application Support/multipassd/vault/instances/intrinsic-alligator/ubuntu-20.04-server-cloudimg-amd64-vmlinuz-generic,/var/root/Library/Application Support/multipassd/vault/instances/intrinsic-alligator/ubuntu-20.04-server-cloudimg-amd64-initrd-generic,earlyprintk=serial console=ttyS0 root=/dev/vda1 rw panic=1 no_timer_check'
[2020-12-18T01:54:45.318] [info] [intrinsic-alligator] process state changed to Starting
[2020-12-18T01:54:45.331] [info] [intrinsic-alligator] process state changed to Running