Turns out the issue was with my S24 Ultra: it seems to be incompatible with the PA279CRV and disables usb-c on the monitor until the monitor is turned Off and On again.
I am facing the same issue. I can't connect any device to my PA279CRV over usb-c, the screen just goes black or says no signal. Is there any fw update to fix this? Switching to DP1.2 mode did not work for me.