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Seems that is only the case for the Honours lists and this just goes straight through.
Do you have a source for that?
https://www.gov.uk/government/news/ministerial-appointments-november-2023 titles him Rt Hon so the ennoblement hadn't completed whenever that was published.
Technically I think Sunak has nominated Cameron to become a Lord. The House of Lords Appointments Commission will need to approve the appointment. Being an MP or Lord isn't actually required to be a minister, it's just convention, so Cameron can start straight away. It would look odd if the Appointments Commission said no though. The process can be expedited and take a day anyway.