PC boots into BIOS after enabling Ultra Fast Boot

I have a Gigabyte Z690 UD DDR4 mobo with latest BIOS version F29, in GPT mode. I have a 4070Ti GPU and an M.2 NV2 Kingston 500GB SSD. The following BIOS settings are applied:

  • Windows Boot Manager is selected as the Boot option
  • CSM disabled
  • Secure Boot is ON
  • Resizable BAR is ON
  • SATA disabled

When I enable Ultra Fast Boot in BIOS, the next time I boot up (thus after shutdown) my PC goes straight into the BIOS settings for some reason. If I then exit the BIOS it goes into Windows (Ultra Fast is still ON). Rebooting doesn’t show this issue.

Only if I disable Ultra Fast boot will my PC go straight into Windows after a PC boot.

What’s the cause of this?