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This article presents a study on the generalized Korteweg-de Vries-Zakharov-Kuznetsov (gKdV-ZK) model, which is a nonlinear system that demonstrates the effect of magnetic fields on weak ion-acoustic waves in plasma consisting of cold and hot electrons. The research entails investigating the reduction of symmetry through Lie group analysis, scrutinizing the characteristics of the dynamic structure using bifurcation phase diagrams, and examining the dynamic behaviour of the perturbed dynamical system employing chaos theory. Methods such as 3D and 2D phase portraits, time series analysis, Poincaré maps, exploration of multistability in the autonomous structure across various initial conditions, Lyapunov exponents, and bifurcation diagrams are exercised to demonstrate chaotic behaviour. Additionally, the research establishes general forms of solitary wave solutions, encompassing hyperbolic, trigonometric, and rational soliton solutions, through the utilization of a modified auxiliary equation approach to analytically address the examined problem. These findings are visually depicted as 2D and 3D graphs with carefully selected parameters, accompanied by their corresponding constraint conditions. Furthermore, the sensitivity analysis of the studied equation is deliberated upon and visually illustrated. The uncovered findings are captivating, innovative, and potentially beneficial for comprehending various physical phenomena in engineering and science.