Fescue needs/likes to be cut as high as possible. Like 3-4+" HOC.
G5 slash mulching blades are crap for lift, not made for lift.
Bagging is still king for a pristine looking lawn. Snapper Hi-Vacs are still unbeatable to this day......
0-turns compacting the death out of the soil have terrible cuts. Yard looks like a tank battalion drove across it. You can see all the ruts when you drive down the street, knowing the mower type that was used.
Your problem is the clippings are not getting removed from the upper turf layer. What would you expect if you mulch slash lazy mow? Clippings do NOT go away over time either. They choke the turf from air, sunlight and nutrients. Diseases set in as well as a possible bug infestation more likely.
You have the best blade for mulching. Maybe your deck doesn't like it?? Put the factory blades back on it and see what you get. See if they offer a mulching blade for your mower.