USB 3.1 Gen 2 runs at up to 10 Gb/s (1250 MB/s). USB 3.2 Gen 2x2 runs up to 20 Gb/s (2500 MB/s), but as far as I know, no Macs support the latter. People who have plugged USB 3.2 Gen 2x2 drives into USB4 / Thunderbolt ports on other Apple Silicon Macs have reported that the connection falls back to USB 3.1 Gen 2 speed.
I would expect the same to happen on your M4 Mac mini.
There is the possibility that Apple quietly upgraded the plain M4 chip to include support for USB 3.2 Gen 2x2 … but I wouldn't count on it. USB4 standards apparently define THREE incompatible "up to 20 Gbps" USB transfer modes. One of the new ones (USB4 20 Gbps) is mandatory for USB4 host ports, but there are few accessories that support it yet. USB 3.2 Gen 2x2 is optional for USB4 host ports, and in effect, was "thrown under the bus."
This said, I'm using a couple of Crucial X9 Pros, and am happy with them. One stores Music and TV libraries - and speed does not appear to be an issue even when playing back 4K Digital Copies of movies that I've redeemed from Movies Anywhere and the iTunes Store. The other I use for incremental backups – no problem there, either.