The solution has been on this forum since December 2020 thanks to a member who provided the official link to download the driver and flashing tool, as well as a few tips on how to make sure it works for everyone.
Keep in mind you don’t need a Windows computer to run the tool. You can use a virtual machine environment as long as it is configured to recognise simple USB peripherals such as USB drives. I tested it on VMWare Fusion and Windows 10 x64. It also works with Windows 7 SP1 x32 but the setup was a lot more cumbersome to enable USB peripherals.
Here is @blagerweij 's post: https://community.philipsprojection.com/t/troubleshooting-usb-c-video-problems/1766/101?u=myphilipsid
@sandywahine or @IvoGrijt Please mark the thread as resolved or mark this post as helpful so that other users like me don’t spend hours browsing through threads and posts until trying out something that isn’t even marked as a solution/helpful and hitting the jackpot 2 days later.