I bought two of the SanDisk 4TB Extreme PRO Portable SSD drives (that are rated at up to 2000 MB/s) and tried to format them using Disk Utility in the latest MacBook Pro with the M1 Max chip running OS Monterey 12.0.1. They both would not format. I worked with Apple tech support and we eventually resolved the problem by me formatting them using my 2017 MacBook Pro running Catalina. They formatted on that MacBook Pro with no problem and I can use them just fine on the new M1 MacBook Pro that had failed to format them. I formatted them using APFS, but they would not format in APFS or Mac OS extended Journaled on the new M1 MacBook Pro (I didn't try to format them in other configurations). Apple is already aware of this problem as is working on a fix in an update to Monterey, so this issue may already be resolved depending on when you are reading this and whether Apple comes up with a fix. For now, as long as you have an older Mac to format them on, these disks will work on the new M1 MacBook Pros.
Also worth mentioning is that you can only get read/write speeds in the neighborhood of 920/830 on this drive on any Mac, including the newest M1 MacBook Pros that have Thunderbolt 4. An Apple reviewer explained that this is true because to get 2000 MB/s your computer must "support dual-lane USB 3.2 Gen 2X2, essentially using both lanes of USB-C connectors to deliver speeds up to 20Gbps (or 2.5GB/s)."
Also worth mentioning is that you can only get read/write speeds in the neighborhood of 920/830 on this drive on any Mac, including the newest M1 MacBook Pros that have Thunderbolt 4. An Apple reviewer explained that this is true because to get 2000 MB/s your computer must "support dual-lane USB 3.2 Gen 2X2, essentially using both lanes of USB-C connectors to deliver speeds up to 20Gbps (or 2.5GB/s)."