Were you able to get it going with the bios flashback feature?
Bios flashback is one of the best features to have on a motherboard, saved the day for me many a times.
Thank you for your feedback, I will forward this to higher management.
Glad you recovered. What does Windows 11 have to do with it?
It doesn't directly but that is what bios 2301 is for. It adds support for Windows 10.
Direct from the Asus bios support download page
"ROG STRIX Z490-I GAMING BIOS 2301
"- Support Windows 11 by default, no settings changes required in the UEFI BIOS."
I sent your thread to the head of the motherboard section here on the forum but even he has to send it higher up.
I don't work for ASUS, I'm just a moderator on the forum so I can't claim if there will even be a fix, and I'll be honest, being it's z-490, I can't say how high on the priority list it may be.
But my advice is if an older Intel ME version works, just stick with it for now and look for a future fix or new update or just use the older bios version, at least you have a choice :).
Maybe other users will chime in who are having the same issue.