Intel Arc driver support is available for Ubuntu 22.04 and 23.04 but not 24.04 or later
Additional (more recent) drivers from Intel can be found here
Hardware Support table is available here
The above table suggests that the Ultra 5 which includes the 7dd5 PCI ID, is supported since kernel 6.8 but may need enabling by including the Kernel parameter force_probe=7dd5
In kernel 6.11 it seems that even with the latest Intel DRM driver installed it does not support SR-IOV