I've had the same exact issue as everyone posting here. M1 Macbook pro connecting to a 1TB buspowered SSD with the error (com.apple.DiskManagement.disenter error 49218.) Very frustrating to say the least and makes me extremely leery of trusting APFS at all going forward. I'm in need of fixing this drive and using it this week but thankfully my drive in question has been backed up elsewhere so I'm afraid my only solution is to start over and use anything else besides APFS. 😔 Apple, please fix this terrible mishap!
I did however want to give any frustrated users some hope for their data:
Plugging my drive into an iPad does reveal all of the contents on the drive. Don't understand why at all but it's at least a way to help see what's on the drive. Thanks to Uncle E for that option!
And for any of those wanting to recover via "Disk Drill" or other recovery software, Setapp is a cheap subscription that gets you access to Disk Drill and many other apps. There's a free trial so you can grab all of that precious data: https://go.setapp.com/invite/mffb1pna
Hope that a fix happens someday and it's on Apple's radar 🙏