I think your screenshot shows that the display uses a Titan Ridge controller: pci8086,15ec is "JHL7540 Thunderbolt 3 USB Controller [Titan Ridge 4C 2018]" which has driver named AppleUSBXHCITR where TR = Titan Ridge.
Is it possible that Thunderbolt mode supports 5K with both DisplayPort 1.4 SST (Titan Ridge) and Dual Link DisplayPort 1.2 SST (Alpine Ridge) methods or just the latter? Another method could be DisplayPort 1.4 MST similar to DisplayPort 1.2 MST used by old 4K displays before they started using DisplayPort 1.2 SST but I don't think they would go back to that method.
It would be useful to have a utility that can dump the entire DPCD (DisplayPort Configuration Data) of both Thunderbolt DisplayPort links. The EDID of the two displays might be interesting (post the EDID hex data here?) but the DPCD will tell what kind of connection is allowed.
I wonder if the display can support 5K2K 60Hz using the Moshi USB-C to DisplayPort cable (connect the USB-C end to the Thunderbolt port). The notice on the LG UK website says that USB-C only supports 4K 60Hz, but the manual says the max resolution of the USB-C port is 5K2K 60Hz.