I just tried it on an older (4 years) Dell laptop and it doesn't appear to recognize the USB drive as bootable. I would expected that on the Z490 and was surprised when it worked..
Maybe it is only the newer machines that can do it..
I think it is the other way around, older machines still can have both UEFI and Legacy BIOS modes selectable, those are the ones that can boot from NTFS regardless of the mode they are set.
The machines that are UEFI only can only boot from FAT32.