I think there is something fishy going on with power output on usb/thunderbolt ports on these new silicon macs. I can't prove it, but I have had so many problems with USB/TB devices having unstable connections that seem to be resolved by using powered USB hubs. Although often the problem does not occur when using really short cables.
Another insanely annoying problem I am having with my Mac Studio (that doesn't happen with my M1 Mac Mini) is that every time I wake it up, my two 4k Samsung monitors (Displayport) switch places and I have to rearrange them. Literally every time I wake the computer up!
Thanks for sharing your experience. As you pointed out and tested that using really short cables or a powered USB hub eliminates your unstable connection problem means that lack of power could be the root cause. Anyway, I came across a good article that I bookmarked for future reference in case I also run into the same external monitor problem. Hope it helps, and thanks for sharing!
17 Ways To Fix External Monitors Not Working On Mac (inc. M1/M2 Macs, Ventura & Monterey)