I have a GA-Z97X-UD5H (version 1) and this GC-TPM2.0 module. None of the bios's for the UD5H support TPM2, only TPM1.2, so windows won't recognize it. However, there is a beta bios (F9d) for the GA-Z97X-UD5H-BK that I got from gigabyte support when I asked for it (saying I had a -BK). This does support TPM2, however you cannot flash the GA-Z97X-UD5H with this bios as provided. I was successful in modifying the -BK bios to get it to load on my -UD5H version 1 and have TPM2 activate (my system thinks it is a -BK now). However, using a modified -BK bios may result in some things not working, for example on my system the BIOS crashes when I try to select XMP profile for my memory.
I have clean installed Windows 11 on my -UD5H (with an i7-4790 CPU) as a dual boot on a new partition. Everything seems to work fine, except you cannot enable Memory Integrity under device security (says the intel drivers are not compatible). I'm waiting to see what happens with windows updates before considering goign to it full time.