On my M2 Pro MM, I had similar issues. About a year ago, I got a Samsung Odyssey Neo G7 and loved it, but had two weird issues.
The first was it didn't want to sleep. When the MM went to sleep, the Neo G7 would look like it was about to sleep and then come back on for a few seconds only to attempt to sleep again. Over and over. It looked like a it flashing on and off.
The first was annoying, but the second was a lot worse, Kernel Panics. Shortly after getting the Neo G7, I kept getting Kernel Panics, and my MM was shutting down. It was happening almost every day. I updated the firmware, talked to Samsung, nothing helped. I was thinking of taking it to Apple, but dealing with them is always a hassle in my experience, and they would probably blame it on the Samsung anyways, so I ended up returning the Neo G7 while still in the return period and got a INNOCN 32M2V 32"" 4K Mini LED IPS monitor.
I liked the Neo G7 in almost every way, but it did seem that the INNOCN did HDR a lot better than the Neo G7. Best part is, the almost daily Kernel Panics went away, although I still get them about once a month or two. Overall, I am happy with the INNOCN.
But, I started having weird issues that are very similar to what you are having with your Odyssey. It was like the monitor would randomly turn off for a few seconds, then come back on like nothing happened.
It started after adjusting the monitor's sleep settings, because I wanted the monitor to come on when a source was turned on rather than manually turning on the monitor and changing the source. I got that to work, but the random black outs were happening often, sometimes several times a day, and sometimes not for a days, completely random.
It was annoying, so I turned off the settings that I turned on previously and the black outs went away. The settings that seem to cause the problems were "Auto Power" and "Input Signal". I cannot remember if it is one or both that would cause the issue, but one weird thing about Auto Power is that turning it "Off" seemed to turn it on and vice versa. I currently have it set to "On" and it doesn't automatically turn on.
Not sure if any of that will help you, but it might be worth look at your settings and see if there is anything you can adjust like what I mentioned. Maybe changing some of the settings will stop the black outs for you.
