I've been troubleshooting this, and here's what I've found. (On a Mac mini M4, running Sequoia 15.2; Mediasonic Probox enclosure with 4 bays housing spinning drives and an SSD. Everything stopped working sometime between 15.0 and 15.1.1)
If I run my Probox (JBOD) with just one SSD, it mounts just fine. The moment I add an HDD, everything goes belly-up. Since this is a wall-powered unit, clearly it is not the power drawn that is the problem. I had suspected the interface with the Probox being incompatible with something in Apple's new hardware implementation, but that is now ruled out. What remains is clearly the older drives themselves.
I also have a Seagate 2.5" Expansion HDD which is mounting when connected (it's another matter that the disk is terminally ill). But other 2.5's do not mount when in the Probox, so I don't really know what to make of this bit of info.