For extra backup (and in case of some installer hickups) you may go like this:
1. Clone your current (nvme) disk to sata ssd with CCC or SuperDuper
2. Remove the sata ssd
3. Install OC to nvme → reboot → upgrade to Monterey
Since you don't have OC yet, I assume you have a supported (Apple boot picker) GPU. So in case a total failure of #3 just power down, insert the SATA clone, hold option on power on, select the SATA clone to boot from, clean the nvme, clone SATA to nvme, power down and repeat from #2.
1. Clone your current (nvme) disk to sata ssd with CCC or SuperDuper
2. Remove the sata ssd
3. Install OC to nvme → reboot → upgrade to Monterey
Since you don't have OC yet, I assume you have a supported (Apple boot picker) GPU. So in case a total failure of #3 just power down, insert the SATA clone, hold option on power on, select the SATA clone to boot from, clean the nvme, clone SATA to nvme, power down and repeat from #2.