It might be more correct to say is the Seagate drive compatible with the computer and Monterey. Not the other way around.
If the Seagate comes with a USB-A male adaptor that is used to connect to the computer and the computer has USB-A female sockets - no issue.
But, if the computer has the newest USB-C sockets, an Adapter will be required. See picture below adaptor as example.
If the drive is brand new - really suggest no using any bundled software that might be on the drive. Just let Monterey mange the drive.
To Reformat to Only use on Apple Computer - Disk Utilities >> View >> View ALL attached Drives. Choose the Upper Most Drive by the name " Seagate ". That is the drive to reformat as HFS Journaled with the GUID Partition Map
If using it as Time Machine Backup - it may offer to reformat to APFS / GUID which is the preferred format for TM Backup in Monterey