I just made a quick modification to the driver that does this. I made taps 1-5 up be odd button numbers (1 to 5 taps are buttons 1, 3, 5, 7, and 9 pushed), 1-5 taps down even button numbers (buttons 2, 4, 6, 8, 10 pushed), and the config button number 11. All buttons except 1 and 2 support only (or to be clear, are reported as) pushed. This eliminates the "held" workaround but requires a small amount of "button math" that is not uncommon for this type of switch.
For the up paddle, you'll get button 1 pushed if you tap it, or button 1 held followed by released if you hold it down (and release it). Similar for button 2 with the down paddle. Apparently, the "release" Z-Wave message was a firmware accident, and their official driver doesn't do anything for this, but I hope they keep it. This makes the switch usable to me with the relay disabled to control smart bulbs and get smooth dimming via startLevelChange and stopLevelChange.
No guarantees that this will work with other firmware versions, but this works for me on the current Red switches: https://github.com/RMoRobert/Hubitat/blob/master/drivers/inovelli-switch-red-series-lzw30-sn-advanced.groovy
EDIT 1: I no longer update the above driver, instead I've now switched to using my further revision: [RELEASE] [Deprecated] Inovelli LZW31-SN Drivers with Child LED Devices
EDIT 2: I have heavily revised/rewritten the above driver and no longer maintain the v1 version of it either; I have a v2 in my GitHub repo but have not made an official "release" thread for it yet. Inovelli's provided driver has adopted many of the features I added to my v1 driver, and Hubitat still offers a built-in driver if it meets your needs.
The same button-event mapping applies as above, which is different from Inovelli's own awkward use of event names but consistent for at least single presses with how Hubitat numbers and names the events. This one also optionally creates child devices for LED that can be manipulated using mostly standard command, like a smart bulb (instead of needing to pre-configure notifications in the parent device, just tell the "child notification LED" device to set itself to yellow and start the "fast blink" light effect, for example).
I also added a setIndicator command to match what Hubitat does on their provided drivers, which will set the notification LED to the calculated parameter value if you prefer doing it that way instead.
