It seems this problem has infected Monterey as well.
Yesterday, I was using dd to clone a 1TB Windows 11 2.5" SSD to a 1TB NVMe SSD blade. The 2.5" SSD was in a USB3 enclosure, while the NVME blade was in a Thunderbolt 3 enclosure. The fastest I could get was 17MB/s, on a 2019 Core i9 iMac, running 12.7.1. On a 2004 Mini running 12.7, and with the NVMe blade in a USB3 enclosure, I was seeing 14MB/s. In both systems using /dev/rdisk[n], the performance was even worse. I've done this operation many times in the past, and never experienced anything like this.
Yesterday, I was using dd to clone a 1TB Windows 11 2.5" SSD to a 1TB NVMe SSD blade. The 2.5" SSD was in a USB3 enclosure, while the NVME blade was in a Thunderbolt 3 enclosure. The fastest I could get was 17MB/s, on a 2019 Core i9 iMac, running 12.7.1. On a 2004 Mini running 12.7, and with the NVMe blade in a USB3 enclosure, I was seeing 14MB/s. In both systems using /dev/rdisk[n], the performance was even worse. I've done this operation many times in the past, and never experienced anything like this.