I am very new to all this BIOS stuff, so sorry if I ask very beginner questions.

Recently my HP Elite Dragonfly laptop updated itself automatically to BIOS version 01.05.03 Rev.A. I was previously running an earlier BIOS version to be able to undervolt my laptop in Windows.

At first, I thought I could just rollback the BIOS to an older version but then I realized that the BIOS update had updated Intel ME to version 12.0.64.1551 and now it won’t let me rollback to an earlier BIOS. Is there anyways to override this and rollback to an earlier BIOS and Intel ME?

Due to the ME downgrade desired, you would probably need flash programmer, and even then it may not be possible due to this model has HP's abomination called SureStart This automatically replaces the BIOS with another stock version on reboot, even when you program in a mod BIOS.
ME area may not be covered, so it could be OK, only testing will tell. You need CH341A + SOCI8 test clip with cable if you want to try.