Since you use UEFI, you don’t have to use GRUB. It basically consists 90% of cruft left over that was needed for BIOS boot, and has a lot of moving parts and bad design (such as a single config file which has to be shared between OSes, which is so complex it needs a generator for it).
Try systemd-boot, it’s lightweight and well designed.
Anyway, looks like the target parameter is default now, the “esp” in the arch command is supposed to be substituted for the ESP path, for example /efi, so the only difference is bootloader-id. Which looks like that’s the label that show up in your UEFI setup for the boot entry.