I had a new variation of this, the Magenta Screen of the Circle of Death & Resurrection (MSCD&R)!
Yesterday my M1 Mac mini entered a Groundhog Day loop. The screen would freeze and in less than a minute the screen would flash magenta and restart, ending up with my login. I would login and in less than a minute it would happen again. Later, I realized that if I didn't login the mini would also freeze and restart over and over, Ad Infinitum! Also, I could not use the Shut Down command, it would also put the mini in a restart loop, however without the login portion. I had to use the power button for a hard shutdown.
I used my iPad Pro for a while, made a Genius Bar appt and watched another episode of a TV series I'm currently watching. Then I took a nap.
As happens often when I sleep on an issue, I woke with a solution, disconnect the USB hub with three external USB drives. I did so and the MSCD&R stopped happening.
I've canceled today's Genius Bar appt. I'm now running with the 3 external drives plugged into a different USB hub.
We shall see what happens.
PS, as a side note, all of this mayhem corrupted my TimeMachine backup. I had to erase & reformat the disk and start a new TM backup.