TO EVERYONE THAT IS STILL AFFECTED BY THIS BUG, I HAVE CREATED A WORKAROUND FOR IT
The workaround basically opens and closes NZXT CAM so that way it loads in the lighting configurations to your hardware and then forcefully kills every NZXT CAM task, effectively fixing the bug.
There's more info on this reddit post here: https://www.reddit.com/r/NZXT/comments/o5x00k/nzxt_cam_freezing_bug_unofficial_workaround/