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Since I'm using a Thunderbolt 4 / USB 4 hub anyway, for audio I am using an Apple USB-C stereo adapter plugged into the hub.

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I had tried the built-in stereo jack in my USB-C monitor, but the DAC in the monitor is terrible.
My personal experience is the DAC in the M4 mini provides better sound to headphones (Sennheiser HD 650 open backs, in my case) than Apple's USB-C to 3.5mm adapter. But it may not be relevant for external speakers.
 
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