Monitor LG for MacBook Pro 2020

Does the speed of submitting data through the USB C in this LG monitor

(27UN880-B Monitor IPS 27” UHD 4K Ergo z USB Type-C™ 27UN880)

is enough and compatible with Macbook Pro 13,3" 2020 ?

The question is if this monitor gonna work with my laptop properly? or is it necessary to have a Thunderbolt 3?