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.

Same problem here. MBA M1, all USB ports on hub not working after upgraded to Monterey 12.0.1 😕