Instructions that update some flags and not others have to be serialised in this design.

True, and I wouldn't be surprised if modern x86 implementations need to do something a bit smarter.

But if you are designing a new ISA for the modern era (the purported selling point of RISC-V), you just don't implement any such instructions. Only implement clean instructions that update all the flags or none. ARM and PowerPC already did this 35-40 years ago.

In ISAs where this problem exists, i.e. in x86-64 where the carry flag is updated or not updated regardless of what happens with the other flags, the flags register is split into 2 separate registers, which are renamed independently.

The 2 parts of the flags register are reunited only for the purpose of saving or restoring from the main memory. (Actually the x86-64 flags register has 3 independent parts, the carry flag, the other status flags, and a set of configuration flags, which are not modified by most instructions.)