I think the problem might be related to M1 hardware architecture. I had this thing occuring when I switched from my late 2015 Intel 27" iMac to Mac Studio (M1Max) , with the same external hard-drives connected (G-Drive, Usb-C, 6TB)
I noticed that it's happening only during a "wake from sleep" scenario.
1. If the external HDD is on and connected when Mac goes to sleep -> HDD goes to sleep. After that , when Mac wakes from sleep, HDD wakes up and the whole ordeal is starting (hdd goes back-and-forth to and from sleep every 15-20 seconds by itself)
2. During a cold-boot, when the Mac boots up with the HDD connected ... everything works perfectly fine.
It's something related to sleep and wake from sleep. Basically I have to reset my Mac (cold-boot) every time when it wakes back from sleep to avoid this crazy ordeal. So I don't put it to sleep anymore, I just shut it down.
This stupid thing has been going for a long time for a lot of users (all kind of external HDDs). Of course Apple will deny it ...
It happened on Monterey .. still happening on Ventura.