"The hotspot is not working, so if I am away from WiFi I can't use my 5G/LTE to connect on my Mac. "
I was with you until this comment. What do you mean by "away from WiFi"? The WiFi to tether your 5G phone connection to your Mac is a direct device-to-device connection, so you can't be "away" from it.
I can't pair my devices by BT either, as you'll see from my earlier posts. But for the purposes of tethering (when I'm away from home and need my mac to use my iPhone's internet) the personal hotspot connection via direct WiFi connection is working fine now (after I did the network settings reset on the iPhone). I access it from the WiFi Menu Bar item on the Mac (personal hotspots appear up the top). It takes a few seconds to appear. If it doesn't appear there, I can prompt it to appear by going to the Personal Hotspot screen on my iPhone.
It used to be that I couldn't make that direct WiFi connection ("connection failed") if I had BT enabled on the Mac, (which was super-annoying), but since the network settings reset I can do it while still having BT on.
One other thing — don't test it while you're actually at home/work with a normal WiFi network that both devices connect to, I think that can make it fail. Test it away from all your other networks.