Buildapc

Had the same exact issue - upgrade BIOS. You need to download from ASRock, write to USB, and follow instructions using the button on motherboard since no display.

I had something like this once, in that case it was front io connected to wrong pins on motherboard.

Remove everything but the PSU, motherboard, and CPU. Everything, including RAM, fans, front USB, power button, etc. Then short the power-on pin to ground.

Also try testing the PSU independently as mentioned in the other comment by shorting green to black.

Your board has a debugging code at the bottom, do they light up?

If they do, you can find the number in the manual

If they don't light up, then I'd assume the board isn't getting power, try removing the mobo from the case and check if you've got any case standoffs in places where they'd touch the mobo.

Your CPU has integrated graphics, so while the motherboard's out try testing it with just the CPU, RAM and PSU.

If it still doesn't work you might have to try using a different mobo / try and get an RMA on your current.

edit: you waited hours, nevermind. But fyi-

Is it doing the ddr5 training?

https://hardforum.com/threads/long-boot-time-for-am5-normal.2034383/

On the off chance your front io buttons are broken, try bridging the contacts with a screwdriver?

Also, you may want to test your PSU by bridging the green wire to black, on the large 20 pin connector (disconnect first to be safe)