Bit of a strange situation there. I compiled a static executable of BusyBox 1.32.1 for the ARM platform (32-bit) and strangely it runs without problems on both platforms. Look by yourself:
root@smallbuntu /m/n/b/i/n/rootfs# readelf -h bin/busybox-initrd
ELF Header:
  Magic:   7f 45 4c 46 01 01 01 00 00 00 00 00 00 00 00 00 
  Class:                             ELF32
  Data:                              2's complement, little endian
  Version:                           1 (current)
  OS/ABI:                            UNIX - System V
  ABI Version:                       0
  Type:                              EXEC (Executable file)
  Machine:                           ARM
  Version:                           0x1
  Entry point address:               0x1f419
  Start of program headers:          52 (bytes into file)
  Start of section headers:          1482800 (bytes into file)
  Flags:                             0x5000002, Version5 EABI, <unknown>
  Size of this header:               52 (bytes)
  Size of program headers:           32 (bytes)
  Number of program headers:         6
  Size of section headers:           40 (bytes)
  Number of section headers:         27
  Section header string table index: 26
root@smallbuntu /m/n/b/i/n/rootfs# 
then:
root@smallbuntu /m/n/b/i/n/rootfs# bin/busybox-initrd ls
bin         home        media       proc        srv         var
boot        kobo        mnt         root        sys
dev         lib         modules     run         tmp
etc         lost+found  opt         sbin        usr
root@smallbuntu /m/n/b/i/n/rootfs# bin/busybox-initrd uname -a
Linux smallbuntu 5.8.0-50-generic #56-Ubuntu SMP Mon Apr 12 17:18:36 UTC 2021 armv7l GNU/Linux
root@smallbuntu /m/n/b/i/n/rootfs# 
uname -a seems to return armv7l by the busybox binary. Here's the normal output:
Linux smallbuntu 5.8.0-50-generic #56-Ubuntu SMP Mon Apr 12 17:18:36 UTC 2021 x86_64 x86_64 x86_64 GNU/Linux
Any idea of what's going on?
Thanks!
binfmt_miscand QEMU)./usr/libexec/qemu-binfmt/arm-binfmt-Pas something has registered it for this kind of file (check in/proc/sys/fs/binfmt_misc)