It does work. By installing the panels driver.
In my case it was working randomly, MFD was dimming down when scrolling or the backlight went completely off and on. I tried the plugin with old drivers (those that Logitech has on the top of the list -_- so in the “tutorial” below I used the newest that Logitech has somewhere in the middle of their driver list 
simply genius placement…
So I made it to work reliably every single time.
What I´ve done:
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Optional if you had issues before/old driver: Uninstall all Logitech drivers. Even in Settings - HW and Printers - Properties of X52 - uninstall and remove the driver. Open regedit > Find function and search for everything X52 related - then delete all what is possible to delete. Then restart PC.
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Plug X52 to PC after login to Windows. Let it recognize and install the very basic USB drivers by itself. Make sure the MFD screen is OFF and no profile on MDF. It´s a verification there is no driver and new fresh device has been added to Windows.
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Install newest X52_HOTAS_x64_8_0_213_0 or PRO version X52_Professional_HOTAS_x64_8_0_213_0 driver from Logitech web. Then restart PC.
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Install MSFS_Plugin_x64_Software_8.0.313.0 from the Panel site.
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The plugin should be find in your start menu, for the first time just run it - it will disappear somewhere in the background, don´t worry about it. Then just launch MSFS - Control Options - Remove any bindings of the MFD´s control buttons and knobs. Save and exit to desktop. Restart PC.
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Unplug X52 and keep unplugged when PC is booting up.
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Open X52 ST software that has been installed with X52 driver. (simply type X52 and you should find it in your star menu). When the X52 ST is running, plug your X52 to PC, without any changes to the buttons or whatever, simply save new profile and then load it.
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Launch MSFS. All should show up on MFD when it loads in MSFS menu. Also the plugin runs automatically - no need to run it anymore.
All the data and parameters for Radio, Nav, Transponder etc. will be available for you as soon as aircraft is powered and your avionics as well. Then You can change everything you want on MFD. -
For next future PC boots and MSFS Launches you do not need to run the X52 ST software nor the plugin.
(Probably no need to restart PC that many times, probably few details does not play any role for solving the issue. Maybe all it needs is just newest driver and plugin, therefore I had an old version of the driver. Anyway, If someone has similar issue as I had I´d recommend to try the steps above. I read on another topic most users has rather problems with MFD flickering and being not responsive very well, than not working at all)
In conclusion, I tried to reproduce the issue. I tried to reboot PC, change settings, run it with X52 ST or without, whatever.
It just loads and works perfectly every time for me, thus I hope It could help other people to make it working or fix the random MFD behavior problem.
Here a DEMO:
