Hello @NDagn.1 ,
I reproduced the behavior and I think I found the origin of it.
There is a new change in CubeH7 (I think starting from CubeH7 V1.12.x) especially the management of the power and the power config is set in the boot file (system_stm32h7xx_dualcore_boot_cm4_cm7.c). A new function has been added called ExitRun0Mode().
That function is called in the startup file (Application\User\Startup\startup_stm32h755zitx.s) after reset even before SystemInit:
/* Call the ExitRun0Mode function to configure the power supply */
bl ExitRun0Mode
/* Call the clock system initialization function.*/
bl SystemInit
/* Copy the data segment initializers from flash to SRAM */
ldr r0, =_sdata
The problem I see is that the generated project creates two defines for the power supply one for SMPS and one for LDO:

LDO define is called at first in ExitRun0Mode() -> #if defined(USE_PWR_LDO_SUPPLY) -> LDO configuration:
void ExitRun0Mode(void)
{
#if defined(USE_PWR_LDO_SUPPLY)
#if defined(SMPS)
/* Exit Run* mode by disabling SMPS and enabling LDO */
PWR->CR3 = (PWR->CR3 & ~PWR_CR3_SMPSEN) | PWR_CR3_LDOEN;
#else
/* Enable LDO mode */
PWR->CR3 |= PWR_CR3_LDOEN;
#endif /* SMPS */
/* Wait till voltage level flag is set */
while ((PWR->CSR1 & PWR_CSR1_ACTVOSRDY) == 0U)
{}
#elif defined(USE_PWR_EXTERNAL_SOURCE_SUPPLY)
#if defined(SMPS)
/* Exit Run* mode */
PWR->CR3 = (PWR->CR3 & ~(PWR_CR3_SMPSEN | PWR_CR3_LDOEN)) | PWR_CR3_BYPASS;
#else
PWR->CR3 = (PWR->CR3 & ~(PWR_CR3_LDOEN)) | PWR_CR3_BYPASS;
#endif /* SMPS */
/* Wait till voltage level flag is set */
while ((PWR->CSR1 & PWR_CSR1_ACTVOSRDY) == 0U)
{}
#elif defined(USE_PWR_DIRECT_SMPS_SUPPLY) && defined(SMPS)
/* Exit Run* mode */
PWR->CR3 &= ~(PWR_CR3_LDOEN);
/* Wait till voltage level flag is set */
while ((PWR->CSR1 & PWR_CSR1_ACTVOSRDY) == 0U)
{}
As #if #elseif are used, that sets the board to LDO power mode which is not the right power config of the board. The correct config is SMPS (the 3rd condition: #elif defined(USE_PWR_DIRECT_SMPS_SUPPLY) && defined(SMPS))
Unfortunately if you remove the definition of the define USE_PWR_LDO_SUPPLY from the project preprocessor and you regenerate the code it will appear again. So for the moment each time you generate the code you need to remove that definition and keeping USE_PWR_DIRECT_SMPS_SUPPLY.
I will raise that issue immediately. Internal ticket number 200085 for follow up (not accessible by the community users)