This official Red Hat page offers some vague hints.
Since /etc/securetty listed many possible devices so that the practical effect in most cases was to allow by default, this change has only a minor impact. However, if you use a more restrictive configuration, you need to add a line enabling the pam_securetty.so module to the appropriate files in the /etc/pam.d directory, and create a new /etc/securetty file.
It seems odd there is no cleaner way of allowing passwordless serial console access.
This page provides a solution that works well enough but I can't help wondering if there is a simpler way.