With jumbo enabled for modules ( https://chromium-review.googlesource.com/c/568302/ ), blink_modules.dll (debug component build) is linked without some flags:

/MACHINE:X86 /SAFESEH /largeaddressaware /fastfail /FIXED:NO /ignore:4199 /ignore:4221 /NXCOMPAT /DYNAMICBASE:NO /INCREMENTAL /SUBSYSTEM:CONSOLE,5.01

The missing /ignore:4199 in particular causes 
LINK : warning LNK4199: /DELAYLOAD:cfgmgr32.dll ignored; no imports found from cfgmgr32.dll

but I'm pretty sure the rest of the flags are needed as well.

These flags come from the configurations "sdk_link", "common_linker_setup" and "default_incremental_linking" in build/config/win/BUILD.gn. Apparently they are lost somewhere.