Pretty sure the ultra lite version is just the original batch of busted boards with the pcie slot set to 3.0 in the bios out of the factory. There's another different revision that has it actually working at 4.0 speeds.
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I have another build with the same board. The pcie slot does indeed work at 4.0 speeds. It's not " busted". Haven't tested anything with the 5.0 speed option though.
Ah ok, glad to hear that. The official spec page still says 3.0 only and I remember them having 3 z690 itx revisions, the vanilla aorus ultra that was soft recalled, the ultra lite which was pcie 3.0 and the ultra plus which had the 4.0 working and fixed. I guess they should update their site info or something then.