We have a 2017 XC90 without air suspension, and a 2020 XC90 with air suspension. Air suspension is a smoother ride overall and the options of ride height in different drive modes is cool. Purchased the VIP platinum warranty for extra piece of mind.
However, from the first time pulling the 2020 into our driveway, there was a loud, muffled, "thump" from the suspension when we drove over the water flow "cut out" at the edge of our driveway. It happens intermittently, both cold starts and hot, in the front and rear. I took it to the dealer for a little body work, a service bulletin for the rear windows sticking, and had them check out the suspension. Side note - this has never happened in the 2017 without the air suspension, after 66,000 miles.
The dealer provided a 2019 XC90 T8 loaner with air suspension. When we arrived home from the dealer (1+ hour drive), the loaner T8 did the *exact same thing* over the same bumps in the driveway. I was able to replicate it multiple times on video and audio and emailed it to the service advisor.
Unfortunately they were unable to replicate it in my 2020. So they did all the software updates and so far it hasn't happened again. But it only happens at slow speeds, backing up and driving forward, with abrupt bumps or drops that make the suspension compress and decompress quickly. The "thump" occurs during decompression. It sounds like someone took a large rubber mallet and struck a solid metal suspension part under the hood.