First off, thank for sharing your insight in this incredibly thorough response - I truly appreciate it.
You're welcome, i always try to explain things a bit more thoroughly, and i'm happy when it's appreciated.
Hopefully, I can get a refund on the Z790-S so I can put the funds toward the Z790-P.
Yes. Seeing how the socket pins seem ok, just save yourself the trouble, upgrade to a proper board. I would actually suggest the PRO Z790-A (Max) WIFI. It has some further upgrades over the Z790-P, which come in handy for a system like this.
The graphics card should be good, especially on the quiet BIOS (switch on top of the card set to "silent"). RAM is good, perfect amount nowadays, decent XMP but not overly ambitious, this should cause zero problems. PSU is a nice model, but why go for a PSU with the conventional ATX 2.5x standard, when your graphics card is one that could benefit from an ATX 3.0 PSU with a native 12VHPWR cable? Now you have to use that 3x 8-pin PCIe power cable to 12VHPWR adapter. Anytime you can avoid adapters for little to no upcharge, i would do it.
For this setup, something like the "be quiet! Straight Power 12 850W ATX 3.0" would've been better. 80PLUS Platinum, native cable. Your GPU needs around 320W under full load, and in games, the CPU will be at 100-150W, so this has got all the headroom you want. CPU and GPU are usually never both fully loaded (no game really loads more than 6-8 cores fully).
SSD, yes, you should use a nice high-end M.2 PCIe SSD like a Crucial P5 Plus, WD Black SN850X, Seagate FireCuda 530 or Samung 990 PRO. You can't put in a 14900K and feed it data from a SATA SSD. Well you could, but it would be another case of non-matching hardware. Your case actually seems ok, nice open front. Perhaps a second 120mm fan in the front would be nice.
Lastly, the cooler. We have a powerful air cooler which can take it up with a 240mm AIO and other high-end air coolers. But it will be no match for a 14900K under full multithreaded load. To deal with that amount of heat would require a nice 360mm AIO or better. Now, this is not the end of the world, you're just gonna have to set power limits in the BIOS, and that will make you lose a bit of performance (mostly for such full load on all cores, not with lower load). You should've perhaps read more reviews about what a beast the 14900K is once you try to extract all the performance from it that it's capable of. Personally, i think the i7 is always the better choice for a lot of people, it's usually more well-rounded and less extreme (although the 14700K is also very hot-headed already this time). So, you can keep this cooler, but adjustments will have to be made to avoid thermal throttling under full load.
If you can get the board exchanged for a better model, perhaps even the PSU, then this should hopefully be taken care of. Although it would also be good to troubleshoot this further to find the culprit first, of course. So first, i would test with a different PSU, take out the GPU for that, not necessary for testing. Actually, while i'm writing this down, i just realized something in this very moment, which only serves to underline how crucially important the EZ Debug LEDs are to have on a board:
You might have already been in the BIOS, you just might not have seen it. Sometimes the BIOS is only shown on one of the ports that it defaults to, the screen will get no signal on the other ports. This could even be one of the board's outputs on the rear I/O. Since we can't see the Debug LEDs, we can't know what it happening. Normally, with missing CPU support or another problem, they would stop on the CPU LED. With a RAM problem, the DRAM LED, with GPU, the VGA LED. But if that all passes the tests, it would be on the BOOT LED (since no OS is installed), and it would show the BIOS on perhaps only one of the ports. So try all the outputs and you might be in for a surprise.
Now, this still doesn't invalidate anything i said before about the board. You should try to replace it with a better model. But at least we would know what is going on.