/etc/initramfs-tools/update-initramfs.conf is in initramfs-tools 0.130ubuntu3.
This file is owned by root:root, with mode 0o644.
The actual contents of the file can be viewed below.
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# Configuration file for update-initramfs(8)
#
#
# update_initramfs [ yes | all | no ]
#
# Default is yes
# If set to all update-initramfs will update all initramfs
# If set to no disables any update to initramfs beside kernel upgrade
update_initramfs=yes
#
# backup_initramfs [ yes | no ]
#
# Default is no
# If set to no leaves no .bak backup files.
backup_initramfs=no
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