Can you save the next panic by "report to Apple"? then save the text to text edit, make plain text and attach it?

the formatting on these panic logs are impossible to read.

Here are 4 more panics since May 21. I'm running the latest 12.4 beta and Amphetamine's Drive Alive feature. Maybe these can give you some new info. Any developments on your end? Any word from your contact at Apple?

No problem posting any semi related issue on macOS. This thread on macRumors pretty much is the same issue, one user thinks this is caused by a RF interference issue, scan to the last couple posts.

https://forums.macrumors.com/threads/sleep-transition-timed-out-after-35-seco-while-calling-power-state-change-callbacks-suspected-bundle-com-apple-driver-applethunderboltnhi.2285540/

I erased, reinstalled macos then restored from CCC backup because Disk Utility said the data portion of my startup was also unfixable. I have now switched to backing up my startup to Time Machine with an APFS SSD in my OWC TB Drive Dock. CCC wasn't as seamless as I wanted it to be for backing up and versioning startup volume files like TM, but it's perfect for my other volumes.

I've attached a log. First few lines say the same thing: Thunderbolt IO. And yes We've established it's not SoftRAID, I'm just posting in the hopes this info helps you or anyone else dealing with Thunderbolt issues, if that's ok. 

Next thing I will try is using my TB externals with my M1 Air without the display attached. That may narrow things down a bit.

I've been shutting down my Air at night before bed lately just because I cannot trust my system to sleep properly. However, every time I start it up in the morning I'm greeted with a panic report. I've been sending them to Apple with descriptions via Feedback Assistant.

This has happened every time I restart my Air or shut it down or start it. Today, macOS started acting weird. All of my security/privacy prefs were missing so none of my apps that require special permission worked; BetterSnapTool, BetterTouchTool, SoftRAID, Default Folder, Logitech Hub, etc. I ran Disk Utility and it found errors on my startup that it could not fix. It suggested trying from Recovery, which I did, and they couldn't be fixed there either. It then said I should back up my data, erase and restore. I'm restoring from my CCC clone right after I update to the latest beta — it says I can't restore to a non-beta from a beta without errors. I see a brand new beta has been released either yesterday or today so I'm going to update to that.

I'll report back with any pertinent developments.

Argh.

This is a weird issue, maybe related to the sleep issue, but not SoftRAID.
What I would have tried was "reinstall macOS" on this volume, which fixes and replaces macOS components without changing your system. But it may be restore from backup was better here.

I did some searching and found this going back to Monterey, on Mac Pro 6,1, so it is likely a Monterey issue.

Maybe do a Recovery mode reinstall macOS? (does not destroy your system). First see if your CCC restore alleviates this.

Thanks. Same as it ever was. Always Thunderbolt related, like the one I sent a couple weeks ago. 

This has happened every time I restart my Air or shut it down or start it. Today, macOS started acting weird. All of my security/privacy prefs were missing so none of my apps that require special permission worked; BetterSnapTool, BetterTouchTool, SoftRAID, Default Folder, Logitech Hub, etc. I ran Disk Utility and it found errors on my startup that it could not fix. It suggested trying from Recovery, which I did, and they couldn't be fixed there either. It then said I should back up my data, erase and restore. I'm restoring from my CCC clone right after I update to the latest beta — it says I can't restore to a non-beta from a beta without errors. I see a brand new beta has been released either yesterday or today so I'm going to update to that.

I'll report back with any pertinent developments.

Argh.

I updated to the latest beta and after restart the spindowns became even more frequent and ignored my Drive Alive settings completely. But, by accident, I may have found a bit of a fix, unless it's a coincidence: I changed my Better Dummy prefs so it no longer allows ultra high resolutions. I had it sent to a high setting so I could get a large HIDPI resolution of 1890 px vertical. Once I turned off that feature and went down to 1798 px, it's not spinning down as much. In fact, it appears to be listening to my Drive Alive settings now. 

TIL zapping the NVRAM is no longer a thing with M1 Macs. I thought I would try that to see if I could get rid of any weird settings that might be affecting the Thunderbays but learned that's not an option anymore. 

I'll report back tomorrow. Hopefully my system is now behaving. Time will tell.