"It was the next line that reads "Include any IRA contributions [name] made or will make in 2025 for 2024" that caused me confusion."
This is in regard to entering your contributions, not to entering the FMV.
"the FMV (Line 5) is blank"
This is presumably indicating that you had no money in this traditional IRA on 12/31/2024. A SEP IRA is a type of traditional IRA, so it's value must be included in the total FMV (and in this case would be the total amount to be entered).
The recharacterized contribution reported on the code-R 2024 Form 1099-R should have been reflected on your 2023 tax return. You can enter this form into 2024 TurboTax, but 2024 TurboTax will ignore it other than to remind you that it should have been reflected on your 2023 tax return, with the result being a traditional IRA contribution, presumably nondeductible reported on your 2023 Form 8606.
