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This states you need BIOS ver 2.02 at the very least for 8700G support: https://pg.asrock.com/mb/AMD/B650I Lightning WiFi/index.asp#CPU

As [USER=3024]@rfarmer[/USER] already mentioned there are earlier BIOS versions out that the board might have, so be sure to update it with the BIOS flashback feature:

[URL unfurl="true"]https://pg.asrock.com/mb/AMD/B650I%20Lightning%20WiFi/index.asp#BIOS[/URL]