If you want to attempt to check the health of a drive you can try using DriveDx. You may need to install a special USB driver in order to attempt to access the external drive's health information. Unfortunately many USB controllers used by external devices do not allow the necessary communication to access the external drive's health information. It takes some practice to interpret an SSD's health report since not all errors indicate a bad SSD (at least not all the time).
Unfortunately DriveDx and other similar apps do not always correctly interpret the health of an SSD (not entirely the app's fault). It is best to manually review the heath information from an SSD. Unfortunately many NVMe SSDs contain only the most basic health information which may not show enough details to determine if there is a problem.
Many SSDs should have TRIM enabled especially when the SSD gets nearly full, but this is not possible with many external SSDs because the USB controllers used by the enclosure may not support TRIM. Plus I don't believe the TRIM feature of macOS works for external SSDs (at least that is what I've seen mentioned by a few contributors on the Apple forums). If TRIM is not an option for an external SSD (or even an internal SSD), then you just need to unmount the volumes on the SSD, but leave the SSD connected and powered on so that the SSD's internal garbage collection routines have time to work. Unmounting a volume using the Finder won't work since it is also "ejecting" the drive which can disable power to the drive. Instead you may need to use the command line to unmount all volumes on the SSD.
As others have mentioned, macOS Monterey is known to have some compatibility issues with USB3 drives although macOS 12.1 has supposedly resolved some of the issues for some people and drives.
As others have mentioned, there is no need to use any proprietary software to manage an external drive. You may lose access to certain features of an external drive such as built-in hardware encryption, but there are other software based options you can use to encrypt the data on an external drive.
Personally I would not recommend using the APFS file system on an external data drive since APFS is still quite new and is still experiencing growing pains (use HFS+ instead, aka MacOS Extended). First Aid is unable to repair many APFS issues and there are no third party utilities available to repair an APFS volume which means if First Aid is unable to repair the volume, then you will need to erase the drive and restore the files from a backup. Also keep in mind that First Aid will lie to users about the true health of the file system scan so make sure to click "Show Details" even if First Aid says everything is "Ok". Manually scroll back through the report to see if any unfixed errors are listed. If there are any unfixed errors listed, then you will need to erase the drive and restore the files from a backup.
Good luck with the replacement SSD.