First let me say that the product is working perfectly but there is a backstory to this.
I originally bought this in October of 2021 and was disappointed that it was only passing a 4:2:0 signal from my 6900xt to my LG C1 and had intended to return it (even received an RMA). I changed my mind on the hope that it was a firmware issue that would be resolved as a support e-mail had said the issue may be with LG OLEDs at that time.
Well, I don't know which firmware did it but I decided to try this again tonight on a whim and it works great.
