Might be. I got mine from Asus before it launched, at the time I was told that a proper release driver was espected to launch before the end of 2024, close to the launch date of November. Realtek still doesn't have anything newer on their own website.
I hope it's really just needing a driver update, because I just noticed something worrying: the box itself says "USB 2.0"... Which would be grossly misleading, as WIfi 7 running at 480 Mbps is basically giving you 802.11n speeds. I'm skeptical that a driver update would fix that, since the driver would get loaded after the USB handshaking is done.
I'll have to ask them to clarify when they get back in the office on Monday. I'm starting to wonder now if maybe my original test from last year ended up going through my onboard wifi rather than the dongle. I remember it was still slower than my onboard Intel AX211, which was why I put it back in its box after I completed the tests I needed it for, but it was definitely not running at only 400 Mbps.