I also have a similar problem on my new M1 Mac mini on Big Sur (11.1), a 40" 4k external display, and connected to 6 external drive enclosures, all Mac OS Extended (Journaled). Two of the enclosures are Promise Pegasus2 R4s (TB2), two are Akitio 4 bay units (TB2) and two are OWC 4 bay units (TB2 and TB3). I connected Mac Mini TB4 port to the OWC TB3 unit, then used an Apple TB3 to TB2 to connect other TB2 units. I'm using M1/Big Sur compatible Pegasus and Softraid drivers that have recently been made available and seem to work OK.
Booting up the M1 from a cold start works fine, but if try to shut down with all external drive units connected, after about 40 seconds, the Mini will restart with a panic notification (I copied the beginning part of the panic report below). If I remove just one of the drive enclosures from the TB chain, I can successfully complete a clean shut down. Only if I add the 6th unit does it panic. Btw, it took about 35 seconds to cleanly shut down with 5 units. And I can also cleanly shut down if no units are connected.
I'm now (obviously?) thinking that the problem has to do with the number of connected drive enclosures. When I connect these same 6 units to my Mac Pro (late 2013) on Catalina (10.15.7), I have no problems and it cleanly shuts down every time. The time needed to cleanly shut down all 6 units on Catalina is about 26 seconds, which is much shorter than when on Big Sur.
I've been able to bypass the problem by ejecting the 2 Promise units, disconnecting from TB chain, then shut down, but hopefully Apple can come up with a fix soon so I don't have to keep doing this.
---
panic(cpu 1 caller 0xfffffe001eef5678): "Halt/Restart Timed Out"
Debugger message: panic
Memory ID: 0x6
OS release type: User
OS version: 20C69
Kernel version: Darwin Kernel Version 20.2.0: Wed Dec 2 20:40:21 PST 2020; root:xnu-7195.60.75~1/RELEASE_ARM64_T8101
Fileset Kernelcache UUID: 3E6AA74DF723BCB886499A5AAB34FA34
Kernel UUID: 48F71DB3-6C91-3E62-9576-3A1DCEF2B536
iBoot version: iBoot-6723.61.3
secure boot?: YES
Paniclog version: 13
KernelCache slide: 0x0000000016b00000
KernelCache base: 0xfffffe001db04000
Kernel slide: 0x0000000017640000
Kernel text base: 0xfffffe001e644000
Kernel text exec base: 0xfffffe001e70c000
mach_absolute_time: 0xdab986b2
Epoch Time: sec usec
Boot : 0x5fe237e2 0x000d88d1
Sleep : 0x00000000 0x00000000
Wake : 0x00000000 0x00000000
Calendar: 0x5fe2386d 0x0007f0ab
CORE 0 recently retired instr at 0xfffffe001e876c5c
CORE 1 recently retired instr at 0xfffffe001e875798
CORE 2 recently retired instr at 0xfffffe001e876c5c
CORE 3 recently retired instr at 0xfffffe001e876c5c
CORE 4 recently retired instr at 0xfffffe001e876c60
CORE 5 recently retired instr at 0xfffffe001e876c60
CORE 6 recently retired instr at 0xfffffe001e876c60
CORE 7 recently retired instr at 0xfffffe001e876c60
Panicked task 0xfffffe166d004c70: 38253 pages, 512 threads: pid 0: kernel_task
Panicked thread: 0xfffffe16718f1fb8, backtrace: 0xfffffe308932b7a0, tid: 9734
lr: 0xfffffe001e759f8c fp: 0xfffffe308932b810
lr: 0xfffffe001e759d58 fp: 0xfffffe308932b880
lr: 0xfffffe001e87bf5c fp: 0xfffffe308932b8a0
lr: 0xfffffe001e86d914 fp: 0xfffffe308932b950
lr: 0xfffffe001e7137e8 fp: 0xfffffe308932b960
lr: 0xfffffe001e7599e8 fp: 0xfffffe308932bcf0
lr: 0xfffffe001e7599e8 fp: 0xfffffe308932bd60
lr: 0xfffffe001eef43f8 fp: 0xfffffe308932bd80
lr: 0xfffffe001eef5678 fp: 0xfffffe308932bd90
lr: 0xfffffe001e79b4d0 fp: 0xfffffe308932be10
lr: 0xfffffe001e79afac fp: 0xfffffe308932bf00
lr: 0xfffffe001e71cc14 fp: 0x0000000000000000
last started kext at 1109183920: com.apple.iokit.SCSITaskUserClient 436.40.6 (addr 0xfffffe001e3c8000, size 16384)
loaded kexts:
com.softraid.driver.SoftRAID 6.0.1b47
com.promise.driver.stex 6.2.16
com.apple.iokit.SCSITaskUserClient 436.40.6
com.apple.filesystems.autofs 3.0
... (additional report info removed)