No.
The only way (not Apple supported) is with a USB dock that supports DisplayLink drivers, and they only have either dual HDMI or dual DisplayPort or some combination of the two. None of which are in any way shape or form compatible TB display and neither is DisplayLink.
And plugging the TB display directly into the M1 MacBook Air essentially will obviate any DisplayLink driver or the DisplayLink driver will drive the display on the DisplayLink compatible dock and the TB display will be black.
Bottomline once again, if you want to use the TB display with the M1 MacBook Air, it will be the only external display.