I previously had an RTX 2070 and trying to get PX1 to work was a nightmare. I ended up just rolling with a different monitoring and OC'ing program...
I now have an RTX 3080 FTW3 and that other program won't suffice as it won't give me control of all three of the GPU fans.
 
Maybe someone can help me understand how to get PX1 to work properly? So far I haven't been able to get the OSD to work in games or the LED's to display temperature colors.
I have a CLC 280 AIO on my CPU with EVGA Flow Control, and it's LED temperature display works fine.
 
I made sure to install LEDSync with PX1 but the button for LEDSync in PX1 doesn't do anything.
 
Any suggestions?

I recently discovered that when I have the application running the temperature changes adjust the LEDs (I use the 3 Area config: GPU, GPU Mem 1, GPU Pwr 1). I felt like the first time I set it up and closed Precision X1 it was all good but then I realized it was not responding to the temp changes being shown on the Nvidia GEFORCE performance overlay. I re-open Precision X1 and the instant it opened the 3 Area LEDs responded and adjusted while the temps fluctuated.
 
I think either something changed in the recent version update (unlikely) or you have to keep Precision X1 running minimized (so in your Task Bar).
 
If someone else has more info please advise.
 
EDIT: and I happen to have the exact same 3080 as the OP, not that I expect that makes a difference.