I have the same problem since updating MacBook Air to Catalina, currently will all updates at 10.15.1.
panic(cpu 2 caller 0xffffff7f91aecad5): userspace watchdog timeout: no successful checkins from com.apple.logd in 130 seconds
service returned not alive with context : unresponsive dispatch queue(s): com.apple.firehose.drain-mem, com.apple.firehose.io-wl
service: com.apple.logd, total successful checkins since load (3890 seconds ago): 377, last successful checkin: 130 seconds ago
service: com.apple.WindowServer, total successful checkins since load (3860 seconds ago): 386, last successful checkin: 0 seconds ago
Backtrace (CPU 2), Frame : Return Address
0xffffff801bb9b820 : 0xffffff8010f39a3b
0xffffff801bb9b870 : 0xffffff8011070fe5
0xffffff801bb9b8b0 : 0xffffff8011062a5e
0xffffff801bb9b900 : 0xffffff8010ee0a40
0xffffff801bb9b920 : 0xffffff8010f39127
0xffffff801bb9ba20 : 0xffffff8010f3950b
0xffffff801bb9ba70 : 0xffffff80116d1875
0xffffff801bb9bae0 : 0xffffff7f91aecad5
0xffffff801bb9baf0 : 0xffffff7f91aec7e6
0xffffff801bb9bb10 : 0xffffff80116663fb
0xffffff801bb9bb60 : 0xffffff801166f393
0xffffff801bb9bca0 : 0xffffff8011020b92
0xffffff801bb9bdb0 : 0xffffff8010f3f8b8
0xffffff801bb9be10 : 0xffffff8010f16545
0xffffff801bb9be70 : 0xffffff8010f2cff5
0xffffff801bb9bf00 : 0xffffff8011049085
0xffffff801bb9bfa0 : 0xffffff8010ee1226
Kernel Extensions in backtrace:
com.apple.driver.watchdog(1.0)[AA44EEB8-57FA-3CAC-9105-C7AB21900B9A]@0xffffff7f91aeb000->0xffffff7f91af3fff
BSD process name corresponding to current thread: watchdogd
Mac OS version:
19B88
Kernel version:
Darwin Kernel Version 19.0.0: Thu Oct 17 16:17:15 PDT 2019; root:xnu-6153.41.3~29/RELEASE_X86_64
Kernel UUID: 7503CD47-851F-321E-8747-50DB4299165F
Kernel slide: 0x0000000010c00000
Kernel text base: 0xffffff8010e00000
__HIB text base: 0xffffff8010d00000
System model name: MacBookAir6,2 (Mac-7DF21CB3ED6977E5)
System shutdown begun: NO
Panic diags file available: YES (0x0)
System uptime in nanoseconds: 3905745129049
last loaded kext at 962845543546: @filesystems.afpfs 11.1 (addr 0xffffff7f945e1000, size 360448)
last unloaded kext at 2389568961504: >!A!ILpssI2C 3.0.60 (addr 0xffffff7f91e21000, size 40960)
loaded kexts:
@filesystems.afpfs 11.1
@nke.asp-tcp 8.0.2
>AudioAUUC 1.70
>!AGraphicsDevicePolicy 4.5.9
@AGDCPluginDisplayMetrics 4.5.9
@fileutil 20.036.15