FWIW, I've been having connection issues, mostly delays in external drives mounting as opposed to just not mounting at all. I have a 202 M1 MBP along with a 2018 Intel Mac mini, along with a
Belkin Thunderbolt 3 Dock Pro with sometimes 4-6 external drives connected along with a Logitech WebCam and even an eLicenser USB stick (so I can use Cubase & Wavelab).
When I connect the Belkin dock to the Intel Mac mini, BOOM. All drives mount within seconds and all devices are available almost immediately. When I connect it to my M1 MBP, I don't see any of the drives actually mount at all until upwards of 4-5 minutes later! It's crazy. The drives I've got connected are all powered, too, so it's not like it's drawing too much power or something.
I've got a WD Passport drive I use for Time Machine backups and when I connect it directly to my M1 MBP, it still takes roughly 4-5 minutes until it mounts.
¯\_(ツ)_/¯