Toshiba drive may fail soon - is this the culprit for my other issues?

I have a 16TB OWC TB 4 and a 20TB OWC TB 4 off of a 2020 iMac. I have only had to replace one other drive in the past. I currently have my drives connected via Thunderbolt and my two external monitors are connected to them as well (for power). Recently, I would be working (Google Meet, Slack, nothing crazy) and the entire system would freeze. I located some old software from an old web meeting platform and that seemed to address the freeze-up. 

Fast forward a few weeks and it started doing it again except this time I got a disk that may fail in 2-6 months AND a log that indicated a caterr was detected. I unplugged both external TBs and worked without those drives and two monitors for the past few days. Zero issues. Plug them back in today, boot up, and over 30 mins, the Mac froze completely, twice.

Could this caterr error be coming from the potentially bad drive on my TBs? What should I do at this point?