I think the issue comes from commits mac80211: enhance wifi reload and hostapd: enhance wifi reload
from logcat:
Wed Feb 26 09:15:02 2020 daemon.notice hostapd: Configuration file: /var/run/hostapd-phy1.conf (phy wlan1) --> new PHY
Wed Feb 26 09:15:02 2020 daemon.err hostapd: Line 19: unknown configuration item 'radio_config_id'
Wed Feb 26 09:15:02 2020 daemon.err hostapd: 1 errors found in configuration file '/var/run/hostapd-phy1.conf'
Wed Feb 26 09:15:02 2020 daemon.err hostapd: Failed to set up interface with /var/run/hostapd-phy1.conf
Wed Feb 26 09:15:02 2020 daemon.notice netifd: radio1 (1003): Command failed: Invalid argument
Wed Feb 26 09:15:03 2020 daemon.notice hostapd: Configuration file: /var/run/hostapd-phy0.conf (phy wlan0) --> new PHY
Wed Feb 26 09:15:03 2020 daemon.err hostapd: Line 24: unknown configuration item 'radio_config_id'
Wed Feb 26 09:15:03 2020 daemon.err hostapd: 1 errors found in configuration file '/var/run/hostapd-phy0.conf'
Wed Feb 26 09:15:03 2020 daemon.err hostapd: Failed to set up interface with /var/run/hostapd-phy0.conf
Wed Feb 26 09:15:03 2020 daemon.notice netifd: radio0 (1002): Command failed: Invalid argument
reverting these commits brings back wifi but @blogic via irc suggested:
make package/hostapd/clean && make
which retains the commits with functional wifi.
Thank you all for your help. I'll mark this as solved once the issues is resolved in master.