Connects as it should on my N20 Ultra @Rich15
Sometimes the animation pop up showing the charge level is a few seconds delay but that's it.
Try clearing the cache in Settings, apps, Galaxy Buds Live, Storage, Clear cache and if necessary clear data.
Current Phone ~
Samsung Note 20 Ultra 5G SM-N9860_256Gb SnapDragon 865+
Samsung One Ui 3.1/ Android 11.