Second LG Monitor Doesn't Connect After Recent OS Update

I have two LG BK550Y monitors, one connected via HDMI and the other via a USC-C to HDMI cable. My MacBook Pro has a M2 Pro chip and supported both monitors (and the laptop screen) just fine up until the recent Sequoia update.

I've tried power cycling the computer, the monitors, and I even reset the monitors to factory settings. If I only connect one or the other monitors, regardless of the connection type, the laptop will see it. As soon as I connect the second one though, the MacBook only shows the monitor connected to the HDMI port.

Because I can connect just the USB-C port monitor and the HDMI monitor, I know the hardware on both and cable connections are good independently. Again, this only became a problem with the update a couple of weeks ago.

Any advice?