* dracut-shutdown.service executes /usr/lib/dracut/dracut-initramfs-restore which unpacks the initramfs to /run/initramfs
* systemd finishes shutdown.target
* systemd kills all processes
* systemd tries to unmount everything and mounts the remaining read-only
* systemd checks, if there is a /run/initramfs/shutdown executable
* if yes, it does a pivot_root to /run/initramfs and executes ./shutdown. The old root is then mounted on /oldroot. /usr/lib/dracut/modules.d/99shutdown/shutdown.sh is the shutdown executable.
* shutdown will try to umount every /oldroot mount and calls the various shutdown hooks from the dracut modules
This ensures, that all devices are disassembled and unmounted cleanly.
To debug the shutdown process, you can get a shell in the shutdown procedure
by injecting "rd.break=pre-shutdown rd.shell" or "rd.break=shutdown rd.shell".