You could use a USB3.1 gen2 SSD instead of thunderbolt -- cheaper, and still pretty fast.
I'd suggest something like this:
Samsung T7 Shield Portable SSD delivers high performance on-the-go, not matter the terrain. It has an IP65 rating for water1 and dust2 resistance, with Dynamic Thermal Guard to manage heat control. Transfer huge files instantly. USB 3.2 Gen 2 and PCIe® NVMe achieve soaring sequential read/write ...
www.amazon.com
Then, you could install Sonoma onto it.
If you MUST have thunderbolt, it's going to cost you more.
I'd pick the enclosure first, and then a good nvme "blade" SSD.
Hmmmm....
There's another option (since you have a late-model MBP):
USB4.
It's as fast as tbolt4.
But there aren't many USB4 enclosures yet.
There are some, but like the tbolt4 enclosures, they cost more.