I spent a couple hours on this, then on a whim, I swapped + / - wires from the KNOT to the DRS-480-48. [Edit: looks like the KNOT is reversed.]
The DRS address by default is 0x83 = 131. To change it you have to connect pins A0 and/or A1 to GND.
The example they give in the manual of querying the manufacturer (0x00800006, translates to register 128, grab 6 bytes) works via TCP, but /iot/modbus/transceive doesn’t work (on 7.14b3).
I tested this using the app ModMaster on macOS (cheapest one I could find that didn’t require compiling or writing anything). It connects to the KNOT just fine and sends/receives the data as expected.