I finally got my Gigabyte z690i Aorus Ultra DDR4 today, installed my 12600k and my Noctua NH-L12 GE does indeed fit.
It just fits, with both the VRM and M.2 heatsinks in place. You do have to slide the fan back to the heat pipe bend in order to clear the M.2 heatsink. Fortunately my Ghost used an inverted motherboard layout which puts the heatpipes pointing up. You can install the cooler rotated 180 degrees but you have to remove the M.2 heatsink and the cooler extends about 1" past the top of the motherboard.
It just fits, with both the VRM and M.2 heatsinks in place. You do have to slide the fan back to the heat pipe bend in order to clear the M.2 heatsink. Fortunately my Ghost used an inverted motherboard layout which puts the heatpipes pointing up. You can install the cooler rotated 180 degrees but you have to remove the M.2 heatsink and the cooler extends about 1" past the top of the motherboard.