I have a similar problem. Very annoying.
Machine: 2021 MacBook Pro 14 inch M1Pro chip
External HD: 4 TB Seagate
Things started falling apart as soon as I upgraded to the last version of Monterey (12.1). The external disk self-disconnects every 2 minutes or so. I have all my music saved on the external disk, so now I can no longer properly sync my iPhone to update the changes (new music added). Interestingly enough, I didn't experience any problems with Big Sur. I thought that the drive's connecting cable was the problem, so I bought a new one. The problem persists. Very disappointing.