Resolved! STM32CubeMX generates incorrect code for the OCTOSPI interface for STM32H725. The generated code does not populate the Req2AckTime field of the OSPIM_CfgTypeDef structure, but HAL_OSPIM_Config() validates this value and throws an assertion error.
See attached configuration in STM32CubeMX. Generated code is only: sOspiManagerCfg.ClkPort = 1; sOspiManagerCfg.NCSPort = 1; sOspiManagerCfg.IOLowPort = HAL_OSPIM_IOPORT_1_LOW; // NOTE: MISSING ASSIGNMENT TO sOspiManagerCfg.Req2AckTime if ...