The issue happened all of a sudden without any new software installation or updates (to my knowledge).
After I try to wake up the computer I get a white cursor on the screen and when I press CTRL + ALT + F7 I can see the following output:
/dev/nvme0n1p6: recovering journal
/dev/nvme0n1p6: Clearing orphaned inode 3019465 (uid=1000, gid=1000, mode=010060
...
...
/dev/nvme0n1p6: clean, 2591309/12058624 files, 26099507/48227072 blocks
I already tried setting GRUB_CMDLINE_LINUX in /etc/default/grub to both nouveau.blacklist=1 and nouveau.modeset=0. Neither worked.
Ubuntu 20.04.2 LTS
Kernel version: 5.8.0-59-generic
Video card: GTX 1060 Mobile with nvidia-driver-460