I want to add my voice to this.
Since updating to Sequoia in November, 2024, neither of my external USB-C drives have functioned normally: spontaneously unmounting; Photos (my library lives on an external drive) having to quit, rebuild or restore from iCloud; Time Machine backups via USB-C taking FOUR HOURS to complete, even when no files have been changed or added.
But the kicker is that since these problems began in December I've had EIGHT kernal panics, including three in the last 24 hours. I thought it might be an incompatability issue with the external drives' HFS+ journaled extended file systems vs. APFS, so I chucked five years of Time Machine backups, and erased and reformattted the Time Machine drive to to APFS—and halfway through the first backup the process simply quit, and then crashed my iMac simultaneously, too.
I've run Diagnositcs ("No issues found"), and started up in Safe mode. I've reset the SMC and zapped the PRAM. I ran EtreCheck, and it was clean. The only thing I can think of is that something is causing the OS to not play properly with USB-C. (FYI, the drives are both G Tech G-Drive mobile, 2TB and 4TB.) I've unmounted and put both drives aside to see if the panics continue.
I'm currently backing up—flawlessly—to an ancient Seagate USB 2.0 drive. I can't be sure, of course, but it seems that USB-C is the culprit.
iMac, late 2020 (last Intel model)
Sequoia 15.2
32G RAM