Same problem here. Since Monterey I can't use my external monitor. Doesn't matter if I'm using the HDMI/USB-C adapter or the VGA/USB-C one, the result is the same: both screens will flicker on and off like crazy. I was hoping that the minor upgrade from last week would address this issue, but this is not the case.
I read all pages in this thread, followed all tips, but so far there is not a solution working for me, except downgrading to BigSur.
Finally, I tried calling the apple support team, but so far they are insisting that the problem is in my adapter (even though it works perfectly before Monterey). My ticket was escalated to the Engineering Team, and I'm just waiting for now...
Frustration is the best word to describe my experience with Monterey so far.