We have attended meets where they still give out ribbons (blue for 9s, red for 8s, etc) after they are scored on an event and I think that’s great. They earn something for their hard work, everybody gets one, and they aren’t part of the awards ceremony. So everyone is a winner in that aspect!
Just let the meet gift count as the participation medal. We attended a meet last year where they only went out 50% on AA and apparatuses and they handed out a gift bag to every gymnast that did not medal before they started the awards. It was a shorter awards ceremony, every gymnast received something, the medals actually meant something to the ones that placed, and nobody was embarrassed.