Hello everyone..
just wanna share how I FINALLY managed to connect my GW5 to my Mi Mix Fold 2. After spending like 12 hours on and off from Sat to Sunday afternoon. I was about to give up, and go back to my ZFold4 so that I can root my Mix Fold 2 at a later time just so I can use my GW5.. But the thought of having to transfer all my banking apps, whatsapp, wechat etc back to my ZF4 gave me pause.
After taking some time off to watch a movie, I decided to give it 1 more try. Previously, I have tried almost all the work-arounds except rooting the XMF2:
1) I did the trick to register the GW5 via Samsung Health
2) I installed the CN version of wear OS, and at one time, even had both the Playstore version & CN version installed
3 I did the trick to connect in safe mode (which made me lose all my home screen layouts after I booted back normally

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4) I cleared data for the all the apps: Samsung Wearable, GW Manager, Wear OS and even Playstore & Google Framework
The problem that I kept getting was "This device is not supported" or "There is an error, please try again"
What finally worked was when I tried this:
1)I installed the Wearable apk (2.2.41.21071361)
2) Allowed it to "install from unknown sources"
3) Reset my GW5 until it showed the Welcome screen
4) Launched the Wearable app and paired it with my GW5
During the process, the Wearable app will automatically install the GW5 Manager first 116MB) & WearOS (16 MB). If we do not allow the app to "install from unknown sources", it will always return an error.
So during the pairing process, all 3 apps will go through several updates (2nd GW5 update was 122MB). Make sure to go to settings and allow "install from unknown sources" after each update.
Finally, the pairing succeeded. These are my versions:
Wearable app - from v2.2.42.21071361 to 2.2.55.23033161
GW5 Manager - from 2.2.05.23030741N to 2.2.12.23040751
Wear OS - 2.62.0495423372.le (The le means this is a CN version)
Pls note: I just started with 1 app - the Wearable apk (2.2.41.21071361). The pairing process installed the GW5 Manager & the WearOS automatically, and updated them to the latest versions.
Hope this helps others who are stuck too.