What happens if you revert to iCUE 4?
I am experiencing the same issue with my RAM. Since updating to v. 5, my sticks are not visible and stuck in their hardware lighting mode.
However, if I revert to v. 4, everything goes back to as it was. I have tinkered with many things and so far no progress has been made. In fact, I've gone in a big circle, broken things and now I'm back to where I started (with everything but the RAM working as intended).
ASUS mobo Z690-F, Corsair Dominator 32GB x 2 16GB 5600MHz DDR5
