No. This is Apple's description:
Two Thunderbolt / USB 4 ports with support for:
- DisplayPort
- Thunderbolt 3 (up to 40Gb/s)
- USB 4 (up to 40Gb/s)
- USB 3.1 Gen 2 (up to 10Gb/s)
The reason is that the TB4 spec mandates 'two displays' per TB4 port, which Apple doesn't support on the M3.
In all other respects M3 ports give TB4 performance, but they just can't use the name...