Update: I just received the StarTech adapter, connected it to the monitor via DisplayPort and plugged it into my Satechi Thunderbolt 4 Hub.
All seems to work well. Picture quality appears good, the input lag is minimal (slightly higher than on the default screen, but not overly noticeable). I ran the UFO test[1] on it and couldn't notice any major issues, besides extremely subtle jittering.
I plan to use this screen for my text editor mainly, so I think it will be okay.