After testing with various Thunderbolt 3 cables, a Fledging Thunder Shell NMVe Thunderbolt 3 enclosure, an Acasis NMVe Thunderbolt 3 enclosure, a Mac Mini M1, and a Macbook Pro 2018 (Intel), I realized it was the WD Black SN 750 2TB that was the bottleneck.
The lower quality TLC flash was not able to write faster than 1,100 MB/s. Read and write speeds also dropped significantly after a short while of transferring large files while observing data transfer rates in Activity Monitor.
I purchased a Samsung 970 Pro 1TB and tried it with both NMVe enclosures. No matter what combination I used of Thunderbolt 3 cables, enclosures, and devices, I was achieving 2,200 MB/s write and 2,600 MB/s read speeds with consistent high data transfer rates in Activity Monitor. The MLC flash is worth the extra price if you need speed, consistency, and longevity in your workflow.
I was considering purchasing a Samsung 980 Pro because it's cheaper. However, it is also a TLC flash NMVe and due to the limitations of USB 4 and Thunderbolt 3, it will not be able to achieve the incredibly high read and write speeds advertised. Therefore, the Samsung 970 Pro is still the best option.