There might be a USB driver bug for some external storage devices. I have an old 8 GB thumb drive that has worked for years on 2013 Mac Pro, 2018 MacBook Pro, 2013 MacBook Air etc. It simply does not show up on my M1 MacBook Air. Now obviously a non-working 8 GB USB stick is no great loss but it is weird. I've reformatted it using my 2013 Mac Pro for all the obvious formats with all the partition maps and it just doesn't show up in Disk Util or any place other than the System Information app. I've plugged it in to the MBA's USB-C port with a USB-C to USB-A adapter, with a USB-C dock, with a USB-C ethernet adapter with 4 USB-A ports. None work.
I have no idea if this is related to OP but it sure sounds the same to me.