That is very odd... So the kernel and bootloader are correct if it boots from the SD card... I use Kingston's all the time with my Pi4's and 5's without issue, so that's definitely not it.
I would message the author of HAMVOIP and see if they have any ideas.?
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One more thing. The Hamvoip image is GOOD. It boots just fine on the MMC. I have tried booting the SAME image on BOTH Pi4 AND Pi5 (with M.2 SSD), just to see what would occur. All I am trying to do is eliminate the MMC and use USB M.2 instead. I don't care if it's a Pi4 or Pi5.