I have two USB 3.2 drives that don’t work at all on my M1, but work fine on my Intel Mac. On the M1 they show up in Disk Inspector but any attempt to read from them, or even eject them, gets the bouncy ball.
Is this perhaps just a file system formatting issue? Disk Utility (there is no Disk Inspector) should tell you how they have been formatted. You mentioned reading from them. Can you erase them? Tried different cables?
Again: works fine on Intel Mac.
Sorry, missed that. Looks like lots of others are having issues, especially with the new Studio.