Disassemble the top plate for the wheel and the height adjustable arms
Remove the plastic collar from the top of the two square tubes. This part is mounted with double sided tape, but can be pried out with a flat screwdriver by using the closest drill hole for leverage.
If possible, clean the inside of the square tubes a bit. Mine were very dirty inside.
Slide the plastic collar over the height adjustable arms
Mount the printed end cap on the bottom of the height adjustable arms. Its a press fit, I used a rubber hammer for this step. Warning: The end caps have a tight fit inside of the square tubes and may come lose when you slide the height adjustable arms out. For extra peace of mind I added double sided tape between the arms and the caps, similar to the plastic collar.
Mount the height adjustable arms in the square tubes. The end caps will stick to the glue residue, I used a rubber hammer for this step. The arms now require more force to be slid up and down due to the tight fit of the end caps.
Slide the plastic collars in place and tighten down the screws for the height adjustable arms.
Note: Now that the arms wont move from side to side anymore, I noticed that my top plate for the wheel is about 10mm too wide. So I created 5mm thick spacers that go between the arms and the top plate. Please measure the space you have left and if necessary adapt the spacer thickness in the slicer.
Bolt down the top plate with the spacers between the arms and the top plate on each side.
CONCLUSION
The design of the height adjustment is flawed from the factory. I suspect due to the top plate being too wide and a plastic sleeve being only present at a small area, the height adjustable arms are always forced against the inner metal of the square tube. As the arms were still able to flex and rub, this created the noise. The rather rough surface of the paint doesn't help either I guess.
This fix removed the creaking problems for me, all other suggestions I found and tried beforehand did not work (readjusting, tighten screws, loosen screws, lube, plastic washers, and so on). The stand also feels a bit sturdier now. I hope this helps you too and I would love to hear your opinion in the comments.