This seems to be a critical bug in Apple's network stack probably due to a recent OS update. I typically only use an external Gbit ethernet adapter on the two M1 macbooks that I own. Both adapters are working perfectly. Non-apple devices work perfectly with the same adapters.
I have observed that if I reduce the number of hops by 1 between my macbooks and the modem / gateway (i.e. connect directly to the GW not through an ethernet switch), the issue goes away. The switch is not the issue, as other devices work with them without issue.
Oddly, the macbook does receive DHCP info from the GW, just ends up using a completely incorrect subnet mask, network, and default route. Manually setting those items also does not resolve the problem, so yeah, it appears to be a network stack and / or kext issue.