Since i bought iMac 27' 2020 a month ago I have the same problem, I thought it would be solved by going to Big Sur and clean installation but the problem persists and still once every 1-3 days iMac restarts....
panic(cpu 8 caller 0xffffff800c553a13): userspace watchdog timeout: no successful checkins from com.apple.WindowServer in 120 seconds
service: com.apple.logd, total successful checkins since wake (5320 seconds ago): 533, last successful checkin: 0 seconds ago
service: com.apple.WindowServer, total successful checkins since wake (5320 seconds ago): 521, last successful checkin: 120 seconds ago
service: com.apple.remoted, total successful checkins since wake (5320 seconds ago): 533, last successful checkin: 0 seconds ago
Backtrace (CPU 8), Frame : Return Address
0xffffffb8e664b670 : 0xffffff80092bc66d
0xffffffb8e664b6c0 : 0xffffff80093ff073
...