In Disk Utility, partition your hard drive. In the new partition (container disk) click '+' to install a volume, name it 'Monterey'.
If you have a backup of your Monterey software, clone or copy or restore it to the Monterey volume. If it's an intel Mac, you could use Carbon Copy Cloner for this. Not sure about Silicon Macs.
If Intel, reboot your computer holding the Option key, and choose the Monterey volume. Then, when future Sonoma updates get good reviews, you can run from your Sonoma volume instead.
Mac users have been able to have multiple Operating Systems (System Folders) on a Mac since the year 2000 or earlier. I do so all the time - with OS 9.2 (which I still use on a 2002 Apple G4), and Intel Macs until, perhaps, those with a T2 chip. You select the Operating System for operating the computer at System Preferences (settings)>Startup Disk. T2 Macs and Silicon Macs inhibit your ability to run earlier OS on your computer. I believe that Apple got this idea when Hackintoshes were proliferating.
You should always have your Data in a separate volume from your software. That way, you can run one OS or the other but your data in unaffected.