Maybe try the supported kernel 5.11? Wireguard is working for me on 5.4 (and 5.11) without problems.
EDIT: The wireguard packages can be installed from buster-backports.
my docker container is unable to setup the interface on 5.4, per the developer 5.6 kernel is required for it to work, which is the kernel which Linus added the support for wireguard.