Dual External Monitors Flicker Indefinitely

I have two Dell P2411H monitors I use as dual displays with the lid closed. I've used this setup for ~6 months with this Macbook pro without issue.

I updated to Monterey, and all of a sudden the monitors no longer work. The displays will go into an indefinite loop of flickering on, then turning off with a picture appearing sometimes for a second.

If I only have one monitor plugged in, it works fine. If I plug the second in, the loop issue appears. The issue also appears when waking from sleep with both plugged in. I've switched adapters on the displays, and ironically, whichever monitor is connected to the Apple adapter causes the issue (I have one Apple USB-C VGA adapter and another generic). If I plug either display into the generic adapter, it works.

While the Apple adapter seems to cause an issue, I've tried the dual monitor setup with multiple different adapters to the same effect as long as both screens are plugged in. Also, the issue only appeared immediately after upgrading to Monterey.

Any ideas?

(I've already tried resetting PRAM + SMC, adjusting resolution, and booting into safe mode. None have had any effect)