yum update fails with "- package containerd.io.x86_64 conflicts with runc provided by runc.x86_64"

Issue

yum update fails with:

 Problem: package containers-common-1:1.3.1-5.module+el8.4.0+11990+22932769.x86_64 requires runc, but none of the providers can be installed
  - package containerd.io-1.4.3-3.1.el8.x86_64 conflicts with runc provided by runc-1.0.0-74.rc95.module+el8.4.0+11822+6cc1e7d7.x86_64
  - installed package containerd.io-1.4.3-3.1.el8.x86_64 obsoletes runc provided by runc-1.0.0-74.rc95.module+el8.4.0+11822+6cc1e7d7.x86_64
  - cannot install the best update candidate for package containers-common-1:1.2.2-10.module+el8.4.0+11311+9da8acfb.x86_64
  - problem with installed package containerd.io-1.4.3-3.1.el8.x86_64
  - package runc-1.0.0-55.rc5.dev.git2abd837.module+el8+2794+c81bb0a1.x86_64 is filtered out by modular filtering