I am having the same issue. This seems to be a general problem with boards with the Z690 Chipset, people with boards of other brands have it as well (Gigabyte, MSI).
Question @STARRAIN@ROG: I am using a TUF Z690-Plus Wifi D4 and it says the current BIOS Version is 1504 - while my bios version is 1404. Why the heck does Armory Crate then tell me that there are no bios-updates available?
I have recently turned of c-states (some kind of energy saving setting for the cpu in bios) which seems to have had a positive effect although I am not 100% sure that the issue is fixed. Also, some people have reported that using USB-Hubs was detrimental, so I removed mine and replugged which seemed to help. For most people the problems occur when they use the USB-Ports at the back panel of the board - if you can, try to move some of your peripherals to the front usb ports (goodbye aesthetics ...).
Some people suspect a problem with the CPU-USB-Control and power supply - I have no idea what that is but I think the USB-Ports are controlled by some part of the CPU via the Mainboard and that seems to be faulty, thus causing the problems. I do not know if this is really the case, but I am really dissapointed that there seems to be no working cure for this curse, given the fact that SO MANY people have this problem (try searching on reddit or on forums of other manufacturers like gigabyte, there is hundreds of threads reporting this issue).