Use intel ME firmware ME_Intel_v12.0.85.1869 or else CPU will overheat very fast and core voltage will not be stable system will crash playing games if you do not update to this ME firmware version right after you flash this BIOS Flash this with FPT_v12.0.x http://members.iinet.net.au/~michaeldd/FPT_v12.0.x.zip. im currently using this very bios i modified and tweaked myself and its perfect CPU stability compared to stock F10 on the website hope you our thankful use this command with FPT in a windows command prompt thermal as administrator, make a install.bat file open with notepad to edit it and enter this command exactly the way i said and it will force flash any bios file you tell it to will not update backup bios chip so incase it goes wrong which it won't if you use my bios image i made stable
put on root c drive open CMD as admin then to command 'cd C:\' then it will say your on C:\ then do these commands one by one dont do the last greset one until it says it successfully verified all 16MB of flash memory

fpt -SAVEMAC -f <DowngradeBIOSName>.bin
"Bios should be erasing flash and reprograming it make sure pc doesn't shut off. works on windows 11 dev preview
after it shows green operation saying it worked and verified all blocks type type this command to reset to finish the installing of the modded bios
type fpt -greset
now your system will restart a few times dont do anything until it boots info your OS without you touching anything it will turbn off and on about 5 times but its resetting everything cmos and all that's why it is doing that. after it boots normally go onto your bios and check Intel RST version under raid menu it should says 18.31 Ethernet is updated too forced rom to get the best performance

after this go into windows and use FPT_v12.0.x to update ME firmware to latest one with these latest microcode's for CPU the needs to be the same for fully operational CPU and correct readouts temp sensors.
lookup online on ASUS ROG page for latest ME firmware for z390 you'll find the firmware i am talking about download it and use the tools in the zip to install it it includes a install.bat file to make it easy. Trust me your temps will be way lower CPU GPU everything all voltages have been fixed by this combination of ME firmware latest and also latest CPU Microcode's. I have gained 15c cooler same cooler setup just by doing this before it would overvoltage the CPU with the wrong ME firmware.

Edit by Fernando: Thread title customized and shortened

@GlitchyHack Thanks for posting this for others, I have updated both of my Gigabyte Z390 boards ME Firmware to v12.0.85.1869

I noticed the both BIOS have EA CPU microcodes, have you tested performance with EC microcode?

I have updated the FPT versions in FPT_v12.0.x.zip;

Flash Programming Tool (DOS): 12.0.72.1757 --> 12.0.85.1919
Flash Programming Tool (EFI64): 12.0.72.1757 --> 12.0.85.1919
Flash Programming Tool (WIN32): 12.0.72.1757 --> 12.0.85.1919
Flash Programming Tool (WIN64): 12.0.81.1760 --> 12.0.85.1919

Also, don't forget this board has DualBIOS, so after you flash the main BIOS with FPT you may want to flash the backup BIOS to the same version using Efiflash.