Why didn't you connect three monitors via the Element Hub?
There are no Thunderbolt docks that support three displays.
Thunderbolt 1 and Thunderbolt 2 docks support 1 display. You need a second dock to support 2 displays.
Thunderbolt 3 docks support 2 displays.
Thunderbolt 4 docks also support 2 displays, even if they have 3 downstream Thunderbolt ports.
Also, remember that Thunderbolt only supports up to 40 Gbps.
5120x1440 60Hz is at least 462 MHz pixel clock which is at least 11 Gbps at 8bpc. So I suppose Thunderbolt could support 3 of them. However, the only way I can think of to get 3 or more DisplayPort connections on the same Thunderbolt cable without using MST (which macOS doesn't support for multiple displays) is to put an eGPU in the Thunderbolt chain - one of the eGPU's that has a downstream Thunderbolt port such as the Blackmagic eGPU or the Sonnet eGPU Breakaway Puck RX 5500XT/5700 (but M1 Macs don't support eGPUs - you need an Intel Mac). With the eGPU, two DisplayPort connections can come from the Mac, and two more can come from the eGPU. I don't think anyone has tested this arrangement and you would probably just use the DisplayPort or HDMI outputs of the eGPU for connecting non-Thunderbolt displays. One thing that would be a problem is that while the display takes only 11 Gbps, Thunderbolt divides its bandwidth for DisplayPort in discrete chunks 1.296, 2.16, 2.592, 4.32, 5.184, 6.48, 8.64, 12.92, 17.28, 25.92 Gbps. For 3 displays, you would want 12.92 Gbps for each which is 2 lanes of HBR3. You can get that with a USB-C dock or cutting some wires in a DisplayPort cable. It would require an MST hub to convert 2 lanes of HBR3 to 4 lanes of HBR2 for the display. The CalDigit SOHO is a USB-C dock with an MST hub so it should be able to do that but you would need one for each display. It is unknown if macOS will allow DisplayPort tunnelling from the Mac to beyond the downstream Thunderbolt port of the eGPU. It is unknown if macOS will allow DisplayPort tunnelling from the Mac to a Thunderbolt port that exists before the eGPU in the Thunderbolt chain.
For the Apple Pro Display XDR, when it is connected to an Intel Mac that supports HBR3 but not DSC, Apple has a trick to allocate two 25.92 Gbps chunks (4 lanes of HBR3 each) to support a dual tile connection mode (one DisplayPort connection for each 3008x3384 half of the display). This works because each half of the display is only ≈19 Gbps and Thunderbolt doesn't transmit the DisplayPort stuffing symbols that are used to fill up the DisplayPort bandwidth.
If you use USB for video (such as with DisplayLink) then there's no limit to the number of displays that can be connected with a single Thunderbolt connection. DisplayLink uses ≈1Gbps for 4K instead of the usual 16 Gbps. That means there's a lot of compression (any video source such as YouTube or Netflix or BlueRay or DVD uses compression).