Yes, BIOS version is the latest. Version 305.
All the drivers are up to date as well.
Just FYI.. when I saw Intel website there is an updated display driver version with the below details:
November 11, 2021
However, I haven't installed it from Intel website due to the disclaimer mentioned by Intel as below:
Installing this graphics driver from Intel may remove customizations from your computer manufacturer (OEM).
If a newer graphics driver is available from ASUS or ASUSTEK, we recommend you install that driver instead.
Just FYI..I went ahead and installed the latest display driver from Intel as per the suggestion given from Asus Service Head. There were no customizations lost.
However, with this driver also the issue is not resolved. Windows continues to crash in Sleep Mode whenever Intel Smart Sound for USB is active. Also found that only the display adapter version changed. The Audio Driver (Intel Smart Sound for USB) was still found to be the older version.
So technically this update won't resolve the issue.