All I can tell you is that my Windows 10 works with a ASUS Thunderbolt EX 3 coupled with an ASUS Z270A motherboard. I have to use a Apple Thunderbolt 3 (USB-C) to Thunderbolt 2 adapter adapter though.
Unfortunately, your system running on one of the latest gen chipsets which supports Intel’s newest CPU generations is not compatible with old Thunderbolt 2 devices anymore. The AXR4T is one of them I am afraid.
As you can read on this page, accessories built to Thunderbolt and Thunderbolt 2 specifications are not supported by Thunderbolt 4 PCs. Only accessories built to the Thunderbolt 3 specification are fully supported by Thunderbolt 4 PCs.