Mine happens when it tries to put to sleep my thunderbolt-displayport connected 4k monitor or Promise R6 raid array. I use Final Cut Pro and no issues. Kernel panics occur when my M1 Mac mini (8 GB) tries to put thunderbolt connected devices to sleep. Here's one of the panic logs.
panic(cpu 0 caller 0xfffffe002c458d68): "virtual bool AppleT8103PCIeC::start(IOService *):116: REQUIRE failed: _tunnelClientManager != nullptr"
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: 0x0000000023244000
KernelCache base: 0xfffffe002a248000
Kernel slide: 0x0000000023d84000
Kernel text base: 0xfffffe002ad88000
Kernel text exec base: 0xfffffe002ae50000
mach_absolute_time: 0x698b53d1
Epoch Time: sec usec
Boot : 0x5fecf126 0x0002c6b5
Sleep : 0x00000000 0x00000000
Wake : 0x00000000 0x00000000
Calendar: 0x5fecf162 0x000005d4
CORE 0 recently retired instr at 0xfffffe002afb9798
CORE 1 recently retired instr at 0xfffffe002afbac5c
CORE 2 recently retired instr at 0xfffffe002afbac5c
CORE 3 recently retired instr at 0xfffffe002afbac5c
CORE 4 recently retired instr at 0xfffffe002afbac60
CORE 5 recently retired instr at 0xfffffe002afbac60
CORE 6 recently retired instr at 0xfffffe002afbac60
CORE 7 recently retired instr at 0xfffffe002afbac60
Panicked task 0xfffffe166d4618e0: 15707 pages, 420 threads: pid 0: kernel_task
Panicked thread: 0xfffffe166d65a610, backtrace: 0xfffffe3015c7b5f0, tid: 182
lr: 0xfffffe002ae9df8c fp: 0xfffffe3015c7b660
lr: 0xfffffe002ae9dd58 fp: 0xfffffe3015c7b6d0
lr: 0xfffffe002afbff5c fp: 0xfffffe3015c7b6f0
lr: 0xfffffe002afb1914 fp: 0xfffffe3015c7b7a0
lr: 0xfffffe002ae577e8 fp: 0xfffffe3015c7b7b0
lr: 0xfffffe002ae9d9e8 fp: 0xfffffe3015c7bb40
lr: 0xfffffe002ae9d9e8 fp: 0xfffffe3015c7bbb0
lr: 0xfffffe002b6383f8 fp: 0xfffffe3015c7bbd0
lr: 0xfffffe002c458d68 fp: 0xfffffe3015c7bc00
lr: 0xfffffe002c455c08 fp: 0xfffffe3015c7bc60
lr: 0xfffffe002b52f498 fp: 0xfffffe3015c7bd10
lr: 0xfffffe002b52ee84 fp: 0xfffffe3015c7be00
lr: 0xfffffe002b52cea0 fp: 0xfffffe3015c7be70
lr: 0xfffffe002b53286c fp: 0xfffffe3015c7bf00
lr: 0xfffffe002ae60c14 fp: 0x0000000000000000
Kernel Extensions in backtrace:
com.apple.driver.AppleT8103PCIeC(1.0)[35AEB73B-D51E-3339-AB5B-50AC78740FB8]@0xfffffe002c44c000->0xfffffe002c45bfff
dependency: com.apple.driver.AppleARMPlatform(1.0.2)[5CBA9CD0-E248-38E3-94E5-4CC5EAB96DE1]@0xfffffe002b790000->0xfffffe002b7dbfff
dependency: com.apple.driver.AppleEmbeddedPCIE(1)[4F37F34B-EE1B-3282-BD8B-00009B954483]@0xfffffe002bcfc000->0xfffffe002bd0ffff
dependency: com.apple.driver.ApplePIODMA(1)[A8EFA5BD-B11D-3A84-ACBD-6DB25DBCD817]@0xfffffe002c154000->0xfffffe002c15bfff
dependency: com.apple.iokit.IOPCIFamily(2.9)[5187699D-1DDC-3763-934C-1C4896310225]@0xfffffe002d290000->0xfffffe002d2abfff
dependency: com.apple.iokit.IOReportFamily(47)[93EC9828-1413-3458-A6B2-DBB3E24540AE]@0xfffffe002d2ac000->0xfffffe002d2affff
dependency: com.apple.iokit.IOThunderboltFamily(9.3.2)[11617399-2987-322D-85B6-EF2F1AD4A794]@0xfffffe002d3c8000->0xfffffe002d4dbfff
last started kext at 664790520: com.apple.driver.AppleActuatorDriver 4400.28 (addr 0xfffffe002a404000, size 16384)
loaded kexts:
com.apple.driver.AppleTopCaseHIDEventDriver 4020.6
com.apple.filesystems.autofs 3.0
com.apple.fileutil 20.036.15
com.apple.iokit.IOBluetoothSerialManager 8.0.2f9
com.apple.driver.BCMWLANFirmware4378.Hashstore 1
com.apple.driver.AppleAOPVoiceTrigger 11.5
com.apple.driver.AppleThunderboltIP 4.0.3
com.apple.iokit.AppleBCM5701Ethernet 11.0.0
com.apple.driver.CoreKDL 1
com.apple.driver.SEPHibernation 1