I had two friends who built Z690 DDR4 PCs (12600KF + ASRock Z690 Extreme) and (12700K + MSI PRO Z690-A DDR4). I would try to change RAM/CPU voltages/frequencies, and I would boot loop and get a failed overclocking error. I was completely stumped. I tried updating bios versions, reseating RAM/CPU, clearing CMOS, and none of that helped, but I figured out that if you update the Intel Management Engine (found here: https://www.intel.com/content/www/us/en/download/682431/intel-management-engine-drivers-for-windows-10-and-windows-11.html) it completely fixed the issue.
I have not found many people mentioning updating MEI for 12th gen, so I don't know if it's an uncommon issue or if people couldn't find a solution, but I thought that it would be worth putting it here for someone to at least try.
Also as a side note, if you are overclocking on the ASRock Z690 Extreme, you need to have a pretty serious -100 to -150mV voltage offset for CPU Core Voltage. I typed in 1.35V with LLC 5 and shit was running at 1.45-1.48V. Just something that I found.