Hello
I got a similar issue with the magic remote on my 49SM8600 (purchased in 2020 and w/o waranty now). The power button was no more responding.
I tried to do a factory reset but it went worst. Now it is impossible to paired the magic remote. The issue is not from the remote as it registered well with my other LG TV.
I had this screen at each power on :
I was blocked till I found in this forum that it was possible to use a usb mouse :
That's what i did. But since, there is still no possibility to recover magic remote and no possibility to get other menu than those for channels (no more apps navigation bar, no more access to settings,...)
I was still searching this afternoon and found that :
Don't know if it can help for bluetooth but it might help for your wifi problem. Read comments below the video before processing and speialy the comment from "Norm Baker".
I'm still searching for my magic remote issue... and a way to reset settings again (no more remote connected).
Good luck.