Yes I have the same problem with MBA M1 OS Monterey. The USB hub didn't work, only the power hub worked. There are several users also have the same issue, here https://developer.apple.com/forums/thread/683409
I am not sure if we will have any update from apple. Some users said that it worked after switching to other USB hub brand. I think it happened to several types of hub.
julioirawan
Users receive reputation points by contributing quality content to the forums.
Posts include post and replies published on the forums.
Post authors can mark replies as Accepted to indicate successful solutions.
Apple Developer Forums admins can mark replies as Apple Recommended to indicate an approved solution
From
Kota Sukabumi, West Java, Indonesia
Post
Replies
Boosts
Views
Activity
Same problem here. MBA M1, all USB ports on hub not working after upgraded to Monterey 12.0.1 😕