Hi. Further updates. Spoke too soon regarding the hub, although it did reduce the instances it occurred. It still happened 70% of the time when waking my computer (often it wasn't sleeping but the monitors were) and always if I unplugged the power to the dock and then plugged it back in again.
However, since upgrading to the latest Monterey public beta the issue hasn't occurred yet on waking in almost a week now and the system actually seems more responsive. Fingers crossed they fixed it, although they should roll this sort of patch out to Big Sur too.
Note as well I now don't get an infrequent blackout on one of my monitors every 3 or so hours for a few seconds which I used to on Big Sur.