My car has this code too, but it has never triggered a CEL. I was never able to find anything about it.
It only comes up in BimmerLink. If I scan the car with ISTA, it doesn't show up.
On a semi-related note, I had a 2020 330ix as a loaner car a few months ago. I scanned it with BimmerLink out of curiosity. It also had a transfer case code that I couldn't find any info about. It was: 440216 - Clutch Function: Emergency function has been activated.
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