@phaedrux It does seem like an Ethernet controller problem. The SD card from the problem board works just fine on my spare Duet 2 Ethernet.
I tried resoldering the ethernet module pins to the board, but to no avail. When the board is first powered through USB, the module lights up. When I issue an M552 S0 to turn off networking, the module lights go out. When I enter M552 S1 to enable the network, the lights don't come back on. At this point I can't be certain if it's the main board or the ethernet module. Guess I'm going to have to switch it back to WiFi to confirm.
I will use my spare board in the meantime.
Thanks!