It's all about partition arrangement.
If you put plain Raspbian on your SD card, then /dev/mmcblk0p1 will be the boot partition and /dev/mmcblk0p2 will contain the root file system.
(Maybe the setup program assumed this arrangement)
If you install Raspbian from NOOBS, then the partition arrangement is different.
p1 = NOOBS
p2 = extended partition
p3= noobs settings,
p4 = non-existent
p5 = Raspbian boot partition
p6 = rapsbian root filesystem.
(p5 and p6 are actually WITHIN p2)
The root= parameter on cmdline.txt tells the kernel where your root file system is located.
When it is set to p2 on a NOOBS based card you can see it is not pointing at a valid partition type (An extended partition is just a container) hence your vfs errors as the kernel can't find the rootfs.
The setup program should be a bit smarter to just ADD the required parameters for the LCD< not completely replace it with what it THINKS it should be.
Hope this helps your understanding.
PINN - NOOBS with the extras... https://www.raspberrypi.org/forums/viewtopic.php?f=63&t=142574