Here is an article where other users are experiencing the same problems:
https://www.macrumors.com/2021/03/25/m1-mac-mini-connected-display-issue/
"I have a new Mac Mini M1 with 16 GB of RAM running Big Sur 11.2.3 and every time the computer and screen go to sleep, the computer will not be able to wake the screen up.
Actually, I get "No Signal" displayed on the screen after the Mini wakes so technically the computer wakes the monitor but it fails to send a video signal. The screen is a 34" LG Ultrawide 4K Thunderbolt. It wakes fine with my 2018 MacBook Pro so there's nothing wrong with the display itself.
The only way I can get the Mini to send a signal to the display is to unplug and replug in the Thunderbolt cable. Sometimes repeatedly. Obviously, this is not an ideal solution."