I bought the Slim 2 years ago. Don't remember what was the factory firmware but I also don't remember having to pair the drive when I first plugged it in (note that the PS5 is currently asking me to
register the drive, not to
pair it).
I have regularly updated it until september 2025 and been on 12.0 since then.
After the crash I encountered today, I was basically stuck on Safe mode. 8 options were displayed on screen and only the last one was available to select : 8 - Reset PS5 (Reinstall System Software). So I did what's described here :
https://www.playstation.com/en-us/support/hardware/reinstall-playstation-system-software-safe-mode/ using a 12.0 firmware I found online.