Similar issue here.
Mac mini (M1, 2020)
Two external monitors (ASUS PB278)
MacOS 11.0.1
The monitor hooked up via HDMI to HDMI works fine, the monitor hooked up via USB-C to HDMI doesn't work.
The monitor that doesn't work IS recognized by the OS, I see it in displays but only black on screen. I've experimented with unplugging/rebooting/pram/etc. and I've seen both monitors work for a few seconds then USB-C to HDMI monitor goes back to black...
hey_suburbia
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This is happening to me as well.
M1 Mac Mini and trying to update to 11.4