This is bug of the Mellanox plugin in the SRIOV operator. I'm working with Mellanox team on the patch.
Setting to 4.6 to fix, and making a 4.5.z to track the backport.
Verified this bug images: quay.io/openshift-release-dev/ocp-v4.0-art-dev:v4.6.0-202006111517-ose-sriov-network-operator-20200615.002329 quay.io/openshift-release-dev/ocp-v4.0-art-dev:v4.6.0-202006111517-ose-sriov-network-config-daemon-20200615.002329 When creating those two CR in description said. it's working well anf VF can be initialized.
Since the problem described in this bug report should be resolved in a recent advisory, it has been closed with a resolution of ERRATA. For information on the advisory (OpenShift Container Platform 4.6 GA Images), and where to find the updated files, follow the link below. If the solution does not work for you, open a new bug report. https://access.redhat.com/errata/RHBA-2020:4196