Locating elements is failing on the latest Java-Client 5.0.4

ENV:
iOS 10.3.3
Latest Appium server 1.7.1

On Java-Client 5 beta5 all works fine.
When upgrading the Java-Client to 5.0.4 latest locating elements is failing.

Is this a known issue?

For example the following code is failing only on the latest 5.04:

MobileElement el = driver.findElementById(iosData.IconLoginSettings);

This is the server log:
[debug] [MJSONWP] Calling AppiumDriver.postAcceptAlert() with args: [“f753618c-29fb-4e64-9cb1-1902c76b8a0e”]
[debug] [XCUITest] Executing command ‘postAcceptAlert’
[debug] [JSONWP Proxy] Proxying [POST /alert/accept] to [POST http://localhost:8100/session/F1E471B2-E86F-4149-8C8D-9597C197EE54/alert/accept] with body: {}
[debug] [JSONWP Proxy] Got response with status 200: {“value”:{},“sessionId”:“F1E471B2-E86F-4149-8C8D-9597C197EE54”,“status”:0}
[debug] [MJSONWP] Responding to client with driver.postAcceptAlert() result: {}
[HTTP] <-- POST /wd/hub/session/f753618c-29fb-4e64-9cb1-1902c76b8a0e/accept_alert 200 4411 ms - 74
[HTTP] --> POST /wd/hub/session/f753618c-29fb-4e64-9cb1-1902c76b8a0e/element {“using”:“id”,“value”:“icon gear”}
[debug] [MJSONWP] Calling AppiumDriver.findElement() with args: [“id”,“icon gear”,“f753618c-29fb-4e64-9cb1-1902c76b8a0e”]
[debug] [XCUITest] Executing command ‘findElement’
[debug] [BaseDriver] Valid locator strategies for this request: xpath, id, name, class name, -ios predicate string, -ios class chain, accessibility id
[debug] [BaseDriver] Waiting up to 0 ms for condition
[debug] [JSONWP Proxy] Proxying [POST /element] to [POST http://localhost:8100/session/F1E471B2-E86F-4149-8C8D-9597C197EE54/element] with body: {“using”:“id”,“value”:“icon gear”}
[debug] [JSONWP Proxy] Got response with status 200: {“value”:{“ELEMENT”:“4E9077AE-CA96-4A10-ABC3-3CAA23DE4802”},“sessionId”:“F1E471B2-E86F-4149-8C8D-9597C197EE54”,“status”:0}
[debug] [MJSONWP] Responding to client with driver.findElement() result: {“ELEMENT”:“4E9077AE-CA96-4A10-ABC3-3CAA23DE4802”}
[HTTP] <-- POST /wd/hub/session/f753618c-29fb-4e64-9cb1-1902c76b8a0e/element 200 1561 ms - 122