It won't.
If board and card are capable of PCIE 4.0, but you have a low quality signal (by using PCIE riser cable not certified for PCIE 4.0 operation) then you get signal failure. There's no auto negotiation to lower PCIE version.
If that's what the chipset is designed for, but I think that depends on the chipset. Or it can depend on BIOS settings. Otherwise what you are describing is the same thing...a signal so bad it cannot fall back.
On the other hand, I am reminded of something in USB. Both PCIe and USB are "hot plug" in most cases. Or, you could say they are "plug-n-play" because firmware is not required to tell drivers what is there, which drivers can talk to the hardware, and where on the bus to find it. In USB2 and older there is a single controller which handles legacy and higher speeds. For USB3+ there is a dedicated USB3 controller. Most devices, when plugged in, generate data in response to a device query. That data is in part to tell the system what its USB3 specs are, and what its USB2 specs are. Only a few such devices lack USB2 metadata, typically cameras or devices which really must run at USB3, or else they will fail; those devices do not provide USB2 metadata. Those devices also will completely disappear from the USB bus if they have a signal quality below that required for USB3.
PCIe has control signals in addition to data. The control runs at a slower speed and is more assured of running even if data signal quality is terrible (the technical terms: "it sucks!" ™️). PCIe is not that different from USB3 in that regard. If the control signals themselves do not succeed, then the device disappears. Or if the metadata is designed to not allow slower speeds, the device would completely disappear. When I say PCIe should back off to slower speeds, it implies that it is a data quality issue. As soon as you talk about a device not intended to provide metadata to run at slower speeds, or when metadata itself is unreachable, this goes out the window (or out of the Windows if we are talking Windows and not Linux 😁).