Getting a new one did the trick. The printer was able to format it and I’m up and running. Weird that the update killed the old one.
Confirming that FAT32 (or FAT on a Mac) is the only compatible formatting option.
Thanks for recommending Rufus! My p1s crapped out late last night due to its SD card failing, and I happened to have a 64GB card lying around that the printer just wouldn’t recognize – even to format. Rufus happily formatted it as FAT32 and my p1s is now humming along once again. 
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Another option in windows 11 is to follow this post using diskpar:
https://www.reddit.com/r/BambuLab/comments/1d1xwdt/format_sd_card_to_fat32_in_windows_without_3rd/
It will limit it to the 32gb size at first but you can explore with it just to get it back up and running
I formated directly from the printer no problem.
how did you format through printer
