Just giving this thread a friendly bump
Same issue for me, over multiple BIOS updates on my Gigabyte Z690 Aorus Elite DDR4 motherboard.
All works fine... until I format my PC for a fresh start and the digital licence does not sync up and says not activated.
Had Microsoft support fix it over the phone once (I think they just generated a new serial key).
Other time I just bought another licence.
In my Microsoft account I can see I have 4 instances of the same PC linked under My Devices (all with different Windows 11 version numbers).