Hi Tom Wolsky,
Macs that have a security chip installed may require additional steps to allow booting from the external drive. Additionally, that boot option would have to be set from within macOS per the steps in Change your Mac startup disk:
"Important: If you have a Mac with an Apple T2 Security Chip, added security features may need to be set in order to change the startup disk. See What is the Startup Security Utility?"
and
"Change your startup disk once
- Shut down your Mac, then do one of the following:
- On a Mac with Apple silicon: Press and hold the power button until “Loading startup options” appears.
- If you’re using a Mac mini, wait for the system indicator light to turn amber.
- On other Mac computers: Press and hold the Option key as you press the power button to start up your Mac.
2. When you see the available startup disks, select one, then click the Continue button (on a Mac with Apple silicon) or the Up arrow (on other Mac computers).
The next time you restart your computer, it starts up from the disk you selected."
Additional security measures apply for Macs with Apple silicon processors per Change security settings on the startup disk of a Mac with Apple silicon as well.
Regards.