There’s a temporary solution. You can use a USB 2.0 usb c to usb c cable.
For example the USB charging cable that came with Macbook Pro prior to M1 magsafe cable.
Use that USB 2.0 speed C to C cable connect your Sandisk portable SSD to the Monterey Macbook pro and erase the partition to APFS. It will work.
After the erase process complete, you can switch back to use those fast 10Gbps USB C to C cable to connect the SSD and it will read/write normally and at full speed.
