Hi drop4205, yes, that's the way forward. The only thing I would advise is to flash a later BIOS from the start, 2204 is pretty good. Bear in mind that for any BIOS later than, and including 2004, you cannot flash back to an earlier version. Some people had various problems with 1702, so I think you'll be better off with a more recent version from the start to be honest. Normally, it's recommended to flash ME firmware before the BIOS, but in your situation you have no choice. So all I'm really saying is that you might as well go straight to 2204 and save yourself a step. In the very unlikely event that you get an issue, you can always flash the BIOS again or try other versions back to 2004. You should have ME firmware v16.1.25.2020 for BIOS 2204. If you do go back to an earlier BIOS for any reason, you can leave the ME firmware on the latest version.
Obviously, be sure to install all of the drivers from the support pages and after that, you can optionally install MoKIChU's drivers which will be the latest. His threads are available on this forum. Up to you of course, the official ASUS drivers will do the job as well, just use the 'show more' option for some of the driver sections so you don't miss any. Personally, I like Armoury Crate, which will install all of the most important drivers for you automatically. That should give you a great starting point. Enjoy your new build!
Z690 Hero, BIOS 3401, MEI 2406.5.5.0, ME Firmware 16.1.30.2361, 7000X Case, RM1000x PSU, i9 12900K, ASUS TUF OC 3090TI, 2 x 16GB Corsair RAM @ 5200MHz, Windows 11 Pro 23H2, Corsair H150i Elite AIO, 4x Corsair RGB fans, 3x M.2 NVME drives, 2x SATA SSDs, 2x SATA HDs.