Recover Belkin RT3200

No, it is not a dual-boot device with two alternative firmwares (like e.g. some Linksys routers).
Instead, it has

  • an automatic recovery instance "initramfs" image that gets triggered if the router has crashed, and
  • a normal firmware.

Sounds like it is due to the missing/wrong compat_version option in /etc/config/system
You are overwriting the new value (set by the 24.10.0 image) with your restore of older settings.
You will likely run into the same problem with 24.10.3 etc. unless you fix it

Thanks for this hint. I confirm that both routers had the compat string missing.
After I added it, they now accept the ubi*.itb sysupgrade.