Further confirmation of these issues across other machines. I too have had exactly the same Thunderbolt 4 problems as Falcon_64. I could go into detail but I'd just be repeating what Falcon_64 has clearly identified.
In my case it was with two Mac Studio Ultras. I purchased the first on August 1st, got a replacement on August 26th, and returned it for a refund less than a week later. So nothing has changed with stocks since Falcon_64 started this in April. The Mac Studio Ultra is still a dud. And, from my experience, no one at Apple is interested in even identifying/acknowledging the issues, let alone fixing them. And, the Geniuses, who can't ignore you, pretend that they have never heard of the issues and insist that it is a one-off probably-user-fault situation. The attitude seems to be... "be happy with the dud product or go away".
I’ve been an exclusive Apple user since my original Apple2 purchased back in 1982, so where I go now (after 40 years), I don’t know, but clearly Apple no longer makes viable options for me.
Not good enough Apple.