Im running an m1 mac mini (2020) with the quantum4848 via TB3 to TB2 converter
... connected to the 2 m TB2 cable...
my mac is running big sur 11.6
So i guess this is exactly the setup you describing.
And yes it all runs well without any issues ... fully compatible.
Not sure if and why you have problems. maybe its the converter?.. *just a wild guess since thats about the only thing that could be different from our setups.
if you have any questions.. feel free to ask.