You are right.
Turns out the HUB on its own is sufficient to cause the panic on "wake from sleep".
Just the HUB, no other peripherals plugged into the HUB.
While "awake" everything works as expected.
This is a new problem with Monterey, as the HUB and peripherals worked under BigSur even during "wake from sleep".
system.log file contains these error messages, starting from no1, to 130
AMPDeviceDiscoveryAgent[499]: Entered:__thr_AMMuxedDeviceDisconnected, mux-device:129
AMPDeviceDiscoveryAgent[499]: Entered:_AMMuxedDeviceDisconnected, mux-device:130
AMPDeviceDiscoveryAgent[499]: Entered:_AMMuxedDeviceDisconnected, mux-device:128
AMPDeviceDiscoveryAgent[499]: Entered:__thr_AMMuxedDeviceDisconnected, mux-device:130
AMPDeviceDiscoveryAgent[499]: Entered:__thr_AMMuxedDeviceDisconnected, mux-device:128