Can verify as well that this worked for me.
Agreed. I’m hopeful this can be resolved soon-ish
Just got my 12th gen a week ago and I can confirm that this is an issue that i’m running into as well. Looks like it hasn’t been fixed 
One thing that does work it seems is following this:
My system freezes if I press F12 while booting
If your system is freezing when you try to enter the F12 menu, try enabling both “quick boot” and “quiet boot” in your BIOS settings. As of BIOS 3.03, there is a bug that causes freezes when pressing F12 with those disabled.
F2 is the bios menu, you have to press it when “Framework” is on the screen.
The default is a zero second delay, so you have to catch it just right.
The first thing I did was to change the boot delay to 5 seconds.
Pressing and holding the key doesn’t work, you have to tap it.
Using my 12th Gen i5. Had the same issue yesterday. Had freezing and the power led light on the side blinked white, then green about 5 times, then blue and lastly orange. The whole system would not continue to boot. Once I re-enabled the BIOS settings for Quick Boot and Quiet Boot, everything worked as expected and I would boot from USB drives once again.
I was really scratching my head at this one. Hopefully, the upcoming BIOS update for the 12th Gen machines will fix this.