Update: Quick fix for some of the running board issues
Quick update: well, the "WD-40 trick" worked only for a day. After working fine for a day, the functionality of the driver (left) side was lost again overnight.
I took the entire running board on the left side to parts and everything seemed OK (also the hinges were really not stuck at all). After doing additional testing, for example, by disconnecting the board control module and running the boards with the truck running and off, I noticed the board functionality was lost after the truck was off for couple hours. Disconnecting and reconnecting the control module power and starting the truck restored the board functionality.
All this indicated to me possible problem with the battery power being drained too low while the truck was parked and off. I replaced the battery with a new one and the power running boards have now been working without any hiccups for two days. It thus appears replacing the battery with a fresh one fixed my running board issues.