Figured it out with a little help from Manny in Support. Of course, it's a permissions thing on the driver. But Sequoia has moved things around a bit. Likely anyone that upgraded to OS 15 with a working card will never see this. Only people starting from scratch on 15.
When the installer asks you to permit the extension clicking OK isn't doing it. You're just acknowledging that you still have to do it. You need to go into System Preferences, Login Items & Extensions and look for Driver Extensions. You have to click on the little "i" in the circle - clicking on the section doesn't do anything. Then, in that, just enable the Blackmagic extension and reboot.

- syspref.jpg (105.71 KiB) Viewed 5508 times

- extensions.jpg (74.42 KiB) Viewed 5508 times