@bzgnyc2 : You summarized the issue and behavior really well! I did report this to Apple. The 1st support engineer indicated this might be a power draw limitation on the board itself but hesitated to document anything formally. The other support techs wouldn’t even acknowledge the issue, just kept reading the specs and asked me to exchange the product. Btw, I have support cases open from 2020 (USB speed) that i never got any updates for.
As for Thunderbolt certified devices and the 15W power draw limit, I had 3 OWC Envoy Express enclosures. Apparently, these were the 1st Thunderbolt 3 certified bus powered devices. Do all 3 connect at the same time? Nope. The Acasis Air enclosure exhibits the same behavior as it is Thunderbolt only (no USB fallback).
Unfortunately, I now see this issue has come up before with previous models of the Studio:
Why can't I use all 4 Thunderbolt ports o… - Apple Community
Studio Ultra - Simultaneous use of Bus Powered TB devices limited? (title edited)
Today I discovered that I cannot connect more then three thunderbolt drives (and the BenQ display using USBC) to my Studio Ultra. On the back four ports, I have connected: 1. BenQ SW321C 2. ProGrade TB3 CF Express card reader 3. & 4. Orico TB4 enclosure w/Samsung 980 Pro NVMe SSD If I connect...