I am also having the same (or very similar) errors as everyone else trying to get an NVMe 4.0 drive to work with a Z690-I ROG MB. After trying every suggestion I could find scouring this forum, reddit, and GIS; nothing works (you name it, I tried it; dozens of BIOS settings, firmware updates of all hardware, reseating drives, etc. the list goes on). The latest MB and NMVe drive firmware updates do not help. I even tried two Z690-I MBs (same errors on both) and two separate NVMe 4.0 drives (WD Black and Samsung Pro); again same errors. It also seems that this isn't limited to ASUS, pretty much all Z690 chipset MB forums I found have very similar errors. It would strongly seem that the Z690 chipset has severe problems with NVMe M.2 drives, especially newer 4.0 and large format 2TB ones - perhaps compatibility, firmware, or driver issue? I'm currently using this "high-end" Z690-I MB with a six-year-old legacy SATA M.2 drive to just get anything to work; severely limiting system performance without having a functional NVMe 4.0 drive.
Intel, ASUS, and other manufactures have to know this is an ongoing issue, the forums are flooded with threads highlighting this. The 12th generation Intel chips and Z690 chipset technology were both released Q4 2021 (soon coming up on a year at this point); having this problem still exist without Intel or various MB manufactures acknowledge the problem is beyond ridiculous.
Intel and MB manufacturers should take ownership of the issue, and make an effort to correct the problem.