I think the closest thing to a solution is using some sort of docking station between the iMac and the second monitor. I've been running mine with the Dell D6000 docking station for close to a year now without a single crash.
@128kb mentioned that upgrading to Ventura had potentially caused the issue to resume, so I held off on that for a long time but did upgrade last week, and so far so good. Other's have mentioned that plugging an external drive into the docking station along with the 2nd monitor seems to cause the issue to resume, so I've been using the station purely for the monitor this whole time. Feels like a waste, but a lot less of a waste than the malfunctioning system was prior to this.
@v8raun I'd also be interested to hear if anyone has tried this. I haven't and simply don't have the time, but it would be nice to know whether it was a driver problem all along or not.