AX3000T inoperable after upgrading to OpenWRT 24.10.0

Hello, I am facing the issue with my AX3000T router after upgrading to OpenWRT 24.10.0. My router is slowly flashing orange after power on. When I insert the network cable to LAN port and assign a static IP 192.168.1.x to my PC I'm not getting a connection to 192.168.1.1. Instead my Ethernet is constantly changing states between Unidentified network and Network cable unplugged. I tried resetting the router via Reset button but to no avail.

Prior to upgrade I was using the 23.05.05 with fixes for Foresee NAND chip and Airoha switch and everything worked fine. Then I found out that a stable version of OpenWRT 24.10.0 was released and decided to try it out. I upgraded via sysupgrade keeping all my settings, and everything worked fine to a certain point. I installed Argon theme, then tweaked some wireless settings and at certain point something happened with Save & Apply. I was trying to save the settings, but after pressing the button and router seemingly accepting them and refreshing the page the changes were still there unapplied in the top right corner. There were no errors or any other helpful messages in the logs, so I decided to reboot the system and it has been inoperable ever since.

Can you help me solve this issue?

Power the router off. Keep the reset button pressed then power it back on. Let go of the reset button after 5 seconds

For more info read the following

https://openwrt.org/docs/guide-user/troubleshooting/failsafe_and_factory_reset

I tried powering the router with the reset button pressed. Nothing happened if I held it for 5 seconds, but after 10 seconds the orange LED started blinking quickly. After that the LED is steady orange and then it quickly blinks multiple times like every 30 seconds or so. I tried pinging the router at 192.168.1.1 but it says 'Destination host unreachable', SSH does not work either, it reports 'Connection timed out'. I connected the cable to all available ports on the router to test. It's worth noting that in this mode Windows says Unidentified network and does not report Network cable unplugged.

I also read about failsafe mode, but I am not sure how to trigger it - my router does not quickly flash the LED during normal start, it starts with steady orange and then very slowly blinks. I tried pressing buttons during the 4 seconds startup period but nothing happened.