It seem according to macrumors article that it’s only effecting some hubs/docks/displays don’t know why.Strange. I am having no problems at all with a LG 27UK850-W either connected directly via USB-C or either connected via a OWC Thunderbolt 4 hub as well as a OWC Thunderbold 4 Dock.
In all three cases it works (even have some devices plugged in the USB-A on the back of the LG) using the original USB-C cable provided by LG.
As it work fine with all other to the MbP including the usb-c to DisplayPort adapter the issue are not hardware related.
I also did try thunderbolt ssd and usb-c camera both work so.
I’m trying to reinstall the macOS 12.1 now to see if the issue are still there.