777 I have just bought the GA-Z170N-Gaming 5 as well based on this thread and its suspected Thunderbolt 3 capabilities.
I upgraded the BIOS to version F4 and there is an option at the bottom of one of the "BIOS Features" menu which is called "TBT USB3.1 Force Power". I enabled that option and rebooted.
Installed the Thunderbolt driver and boom:
View attachment 1962
The one thing I haven't done is the USB 3.1 FW Update. Comparing the Gaming 7 ATX boards, they seem to have a Thunderbolt FW Update which is version B16.0201.1, whereas the Gaming 5 ITX board has a USB 3.1 FW Update version B16.0315.1. In the description they say "Firmware 16 + TI 1.7" for the G7, whereas just "Firmware 16" for the G5. Without knowing what that "TI 1.7" bit stands for, I decided not to do the update.
The update seems to be a firmware upgrade for the AR chip itself. You need the Thunderbolt driver installed to do the upgrade, which explains why they released the driver for the G5. But if as you say you are not seeing TB after upgrading it the firmware, part of me wonders if it is Gigabyte (possibly at Intel's request) trying to disable the TB functionality entirely.
See if you can enable the setting in the BIOS I mentioned above and if doing that allows the adapter to show up as above. If it doesn't show up, the I think that USB3.1 FW update must have crippled its TB capabilities.
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As an odd side note, it seems according to lspci for Windows, that the USB3.1/TBT controller is only capable of Gen1 x4, which is odd as it should be doing at Gen3 x2 according to the Gigabyte docs.
TY! I enabled "force power" in the BIOS and the Thunderbolt device showed up in Device Manager. The screen shown by the other user doesn't seem to exist.
Not having built a new system in a few years, I had forgotten how cryptic the BIOS and software documentation for these asian motherboard makers can be.