Found a solution.
Lenovo provides TBT FW update package for many models. Every such package comprises the TBT DROM binary image and the related tools. It uses Intel TBT SW (the driver and control app), which is assumed to be installed.
Two kinds of the Intel SW are known, the old (v.17.x.x) and the new (v.1.41.x.x, so called DCH-compliant SW). The old looks half-baked. When no TBT HW is present, it works unstable, the app even unable to display its own version, making it almost useless. Intel deprecated it and advised to use only new version.
Typical TBT FW update package from Lenovo relies on either the old or new Intel TBT SW. But the package for T480 model is rather unique, because it includes two sets of executables, one is for the old TBT driver and the other is for the new driver. That's very convenient.
Anyway, the package includes a tool for determining installed FW version. For some reason, it doesn't work as intended, but the side effect is that it wakes the TBT chip (perhaps by activating the GPIO input) so it switches to the NHI mode and becomes visible in the Device Manager as TBT Controller till the next system reboot. The old Intel control app still does not show the NVM FW version, but the DCH-compliant app does. My current FW version is 21.3, while according to Lenovo, the Flash wearing issue is present only with the versions before 20. No need to reflash. Investigation complete.