EDIT: I just reread this, Actually, you're assuming a lot of things.
1) The enclosure has a micro USB 3.2 connector, not C, all of your power measurements are from standard NVMe and USB C, this is not any of that. This is an apple proprietary NVMe, it does not fit in a standard NVMe drive enclosure:
specs here:
https://eshop.macsales.com/item/OWC/MAU3ENP1AW/#specs
Nothing in the specs about any special power requirements, bus powered, yes, but it uses a standard USB 3.2 micro/A connector (cable included), WHICH I connect to the iMac and was able to access and erase the drive.
2) I am now trying to use it with my M2 Mac mini, it will work fine in a USB A port on the Mac, it will not work connected to the OWC TB4 dock in one of the USB 3.2/A ports, which should not be an issue, I am wondering if something is wrong with the dock, it's power supply or the TB4 cable, but, it's not like I plug/unplug or move the device, it stays put. IDK, I don't have issue with other devices. ...I have had drives eject themselves when Mac sleeps, but, I think that's due to the M2 Mac's deep sleep mode, not sure how to change this.