Kevin, both of my monitors are hooked up to a thunderbolt dock with DP to USBc cables. Are you saying this is an unsupported configuration with a M5 MacBook Pro because that not what CalDigit says. should I be using HDMI to USBC instead?

I have the same issue with my m5. Matching Asus monitors on a CalDigit ts4. Both using DP to USBC adapters from Cable Matters. 26.2. Works fine on my M1 Pro. Not on my M5. I contacted CalDigit and they're blaming macOS. very frustrating since my M5 is work issued and I can't use my second monitor.