I have the same problem with a
13 inch 2020 4 Thunderbolt MacBook Pro on
macOS 11.1 Big Sur
connected either via a Thunderbolt dock WD19TB or a Thunderbolt USB-C hub to
a receiver (Denon ARR4520)that in turn is connected to a 1920x1080 monitor (not a tv as it does not have speakers).
The problem is there with the Thunderbolt ports on the left side as well as with the Thunderbolt ports on the right side of the MBP.
By the way: both receiver and monitor do not have ARC, this is simple HDMI.
Shortly the image appears than disappears and image flickers between black and scrambled etc.
Receiver and monitor work and have been working perfectly with Dell Windows10 laptop via the same dock.
Receiver and monitor work perfectly with other devices (Playstation 4, settop box, 2 different HP Windows10 laptops with HDMI-port, Microsoft Surface Pro 3 connected via Surface Dock and minidisplay port to HDMI converter)
This is all via the same Supra HDMI cable.
The MPB connected via the same dock to a (2x1920)x1080 display via a USB-C out works perfect: the MBP sees this as a DisplayPort connection (according to the Midi-settings).
PRAM and SMC reset done: problem remains.
The receiver supports 4K.
The monitor does not support 4K, only 1920x1080.
Connected monitor to the HDMI cable: image stable (no sound as monitor does not have an amplifier nor speakers).
So the problem seems to be the resolution being higher than 1920x1080 via HDMI even if via a dock or hub.
Called Apple support: support didn't accept it to be an Apple problem and referred me to the receiver manufacturer.....