The solution to this isn't going to help most of you, but for some of you who are using some video production solutions, it might.
At my church, on this 2017 imac, we use it to control the stream, and to apply a few titles to that stream. We use ProPresenter. Our needs are minor compared to a lot of churches, but it works well. We have a camera control unit to move and zoom, and a datavideo video switcher to take the camera and titling and output to the stream.
Before Monterey, we had a thunderbolt adapter that exported HDMI, and that fed into a SDI converter, which output 1080i into the switcher.
We accidentally upgraded to Monterey. (From years, going back to the original mac, I have learned to give it some time. On Apple ][ we didn't really have that issue, but switching OS wasn't quite the trauma.)
After Monterey, this no longer worked. Per the support from Blackmagic, Apple removed 1080i as an output option.
I went through the gamut of possibilities in this thread before finally punting and buying a Blackmagic Thunderbird to SDI converter. I did have to buy an official Apple cable to make it work, too.
Here's where I learned something. The Blackmagic box doesn't provide a second monitor. It provides an output stream of some description. I don't do video production on a professional basis, so the (very kind) support at Blackmagic was great. Unfortunately, my preferred version of ProPresenter, 6, would take a $99 upgrade to allow it to use this kind of stream. ProPresenter 7 can do it natively, but is daunting to use after using 6.
Regardless, the only way is forward. Upgrade or be forced to do so later. We're switching to 7. I'm learning it bit by bit. And I continue to wonder about Apple's plans. It is definite that the hobbyist who makes a computer endure has been priced out, and the continued pressure to do only things through the cloud has irritated me. I gave up my mac at the start of the pandemic, when I realized I couldn't afford internal storage options that would hold our iphoto library, and after dealing with the itunes changes, and many other small annoyances. After reading about the possible phone leasing options, perhaps Mac leasing would be an option. If you're going to sell me an appliance, it either needs to last many years, or be exchangeable.
Arbitrary changes like this possible removal of 1080i support sting. I don't know about professional level video editing, but I can't see why anybody would pay a premium for an Apple solution when the flexibility and affordability of a windows or linux solution would outclass it.
I love my iphone. It's a great appliance. It lasts and is supported longer than any other phone. So it stings to see a company who made their name with Personal Computers and flexibility rather than time-shared computers do this to their computer line. A professional BSD computer is a wonderful thing and I hate to see it become a terminal losing scope and capability.
(Thanks for enduring the screed: 5 months of failing to make this work have embittered me more than a little. I wasn't going to revert to the backups to solve it, especially after I learned recently that the OSX that isn't current may not get all the security updates. This is shouting in the wind, alas.)
I'll end by reminding you to do your backups, then eject the drive until the next backup interval. Time Machine is the one thing OSX absolutely does fantastic...