Yes, it is compatible.
The P500a Case supports USB Type-C 3.1 Gen 2, while your Z490 Aorus Pro Ax uses USB Type-C 3.2 Gen 1. This mismatch means it should not work properly.
The USB Type C 3.1 Gen 2 is the slowest component in your setup, but it should still function properly otherwise.
It's a bit mixed up, but it looks like the version will be 3.2gen1 with 3.1gen1 mods, plus 5 gb content.