That drive has a USB 3.2 Gen 2x2 interface.
Reports on forums (e.g., DPReview) indicate that some recent Macs do not implement USB 3.2 Gen 2x2. Plug in a USB 3.2 Gen 2x2 device and the two will fall back to USB 3.1 Gen 2. USB 3.1 Gen 2 is "up to 10 Gb/s", a.k.a. "up to 1250 MB/s."
If you read the Wikipedia article on USB4, it appears that USB4 has three incompatible "up to 20 Gbps" modes – two of them new, one of them without a marketing name. The new USB4 one (that few peripherals implement) is mandatory for USB4 host ports, while the USB 3.2 Gen 2x2 one is optional for USB4 host ports. So while it might seem odd that Apple implements the optional 40 Gbps USB4 and Thunderbolt ALT mode capabilities, but not the optional USB 3.2 Gen 2x2 one, the USB4 specification allows this.