Disk Not Ejected Properly - All of a sudden...

 Try with Energy Preferences set as shown, should fix.

I had the same issue (as others have). I have the turn display off set to never and only use the screen saver. I also updated my TB cable and enclosure as I still had some eject warning issues. This started with Monterey so I suspect something in the OS.

I also have an OWC Envoy Express (connected always to an iMac 24" M1 running Monterey 12.2), and I don't get the "Disk 'data' was not ejected properly" warning on a cold boot or restart, I only get it when waking up from sleep mode.

The thing that bothers me is that the disk is named "OWC1TB," but when the warning comes up it refers to it as "data." I've never had a disk or thumb-drive called "data," so I was concerned that something sinister might be happening... but since it looks like this is a somewhat common issue, I'll stop worrying about that at least.

By the way, when you say "Lightning 3," don't you actually mean "Thunderbolt 3"? And do you have a 2021-or-newer Mac? Since Thunderbolt 4 is such a new thing, I figured it's probably related to the new Macs' implementation of it, and has less (or nothing) to do with the drive itself. If it's the drive, it seems like it wouldn't have just started this week, it would have been happening since I bought the drive in early January. (These OWC drives are really pricey, too, so it would be a bummer if it turned out to be that.)

Thanks...

It’s not (assuming the other boxes are unchecked). But still a problem if you’re sleeping the Mac. Don’t. Leave it on and let the displays turn off on timer.