19 Dec 2021:
Warning! Thunderbolt 4 Docks will not connect to flashed Thunderbolt 3 controllers.
I can confirm that when updating my Vision D z490 with the flashed firmware my OWC TB4 Dock no longer connects.
I'm posting to let anyone know if you flash, and then re-flash your old ROM, you may loose hot-plug capability. My z490, pre-flash, was hot-plugging and sleeping fine.
Once I flashed back to saved original ROM, the TB4 dock worked again, but hot plugging didn't work any longer. USB hot plugging was fine, but Thunderbolt devices needed to be plugged in at boot and could not reconnect after sleep or unplugging.
I did find a solution. It involved installing windows 10.
Once installed my device properties in Windows had an exclamation point for a missing driver around one PCI entry
The Device ID and Vendor ID pointed right to the Thunderbolt Controller.
I tried the Gigabyte Z490 TB driver on their website. didn't change anything.
I used driver identifier to locate a dell driver for the controller (attached)
After install and reboot back into windows the device properties now recognised the Thunderbolt Controller correctly.
After booting back into Mac OS hotplug works.
I haven't tried it, but I'm curious if I try flashing the TB3 chip, boot into windows, install a correct driver (possibly TB4 compatible), and then reboot into Mac OS will the flashed chip work with TB4 docks?