VZM31-SN No Neutral or Load for Smart Bulbs?

Yes, you have two options, both requiring work at the light:

1 - Keep the existing non-neutral and add a bypass at the light to see if that fixes the issue.

2 - Rewire at the light to power the light full time (requiring the breaker thrown to turn it off when changing the bulb, etc). As part of this, you can send the hot and neutral to the switch over the existing 2-wire between the switch and the light. This will only power the switch, which will no longer control the light via the wiring. You’ll have to use a scene or binding (if you bulbs are Zigbee) to turn the bulbs on and off.