There isn't really a TB4 chipset for storage devices, as Intel's Goshen Ridge TB4 controller chip is a hub chipset, and only allows data storage at USB 3.2 Gen 2 rates ~ 10Gb/s, if you don't connect to the downstream TB4 port(s).
So the choices are USB4 for maximum speed (40 Gb/s) or Thunderbolt 3 (slightly less than 40 Gb/s).
These devices plug into a TB4/USB4 port.
Or USB 3.2 Gen 2 (which used to be called 3.1 Gen 2) which, as above, is 10 Gb/s.
Or for Time Machine straightforward 5 Gb/s USB 3 is perfectly fast.
These devices need a USB-C/USB-A port, which can be the Mac'c TB4 port, or a hub/dock to power the device externally, which can be more reliable.
As a general rule the most compatible devices, when used with a Mac, are TB3, especially if it has its own PSU.
Good quality USB4 storage should work OK, as should USB 3.2 from a reputable manufacturer - Samsung. Crucial, WD etc.
But at the cheaper end, some bus powered SSD storage can be problematic - there are lots of post about problems in this forum's pages...