This is definitely a driver issue.
Asus had nothing to say but to offer me an RMA. The board isn't broken, so that's a giant waste of time and money.
Realtek has not responded to any of my inquiries. They did recently release version R2.60 drivers for their HD Audio codecs, so I dutifully installed it hoping they might have included a fix for limiting their own hardware.
During the installation the old driver is uninstalled, the computer must be rebooted, then the new driver is installed.
During the restart process I got the little windows notification about New Hardware, driver is being installed. Not paying attention I opened the properties from the generic Windows sound icon in the tray, and lo and behold, 88.2kHz was now an option.
Hooray!
Then the Realtek installer popped up, automatically finished the driver install, and upon reboot the 88.2 option was gone.
IOW, the generic Windows driver recognizes the hardware capability, but Realtek's own driver intentionally disables one of its output modes.
The Realtek driver includes all the EQ and sound effects software, but I'm not sure I need that, so I uninstalled all audio drivers and let Windows install its own driver a 2nd time, and now I have 88.2kHz playback capability.
I just don't get why a manufacturer would disable a mode advertised as a feature of their product.