All 4 external displays on Mac Studio randomly lose connection since Sonoma update

Sometimes new macOS versions need refining.

Review and toggle your Display and Energy Saver settings to see if that helps.

If it doesn't help, then you need to contact Apple Support and send Feedback.

Official Apple Support Feedback - Mac Studio - Apple

It is conceivable you have uncovered a Bug. But not so fast.

You have been VERY quick to dismiss cable inadequacy as a related issue. My discussions with many Users here, almost daily, suggests that cables for high-end displays that are not quite good enough is a VERY frequent issue, and causes the vast majority of user issues with displays.

In addition, it appears that later versions of MacOS are increasingly demanding that the display report NO transmission errors, or the display may sometimes go dark or not connect at all.

If using direct USB-C cables, an appropriate cable is CERTIFIED, at least USB 3.1 rated, and shows the USB SuperSpeed+ logo at each end:

...

in addition, the FRONT USB-C ports on the Mac Studio Max model are strictly limited to 10 G bits/sec, which may not adequate to drive a 4K display at full color depth.

HDMI cables you want for HDMI-only Displays (higher resolutions than 720p TV sets) are marked as Certified with an anti-counterfeiting tag and are labeled:

"Premium High Speed HDMI cable" or that + "with Ethernet" --OR--

"Ultra High Speed HDMI cable" or that + "48G"

Cables with No Certification tags are good for your standard 720p TV set, and not much more.

The apparent duplicity behind 'cables must be rated for USB 3.1 10 G bits/sec minimum' and 'port that meets 10 G bits/sec rating may not be good enough' may need additional elaboration.

USB-C 3.2 attains 20 G bits/sec ratings by momentarily 'turning around' the inbound data lanes and using them for additional outbound data. So a USB-C 3.1 cable which can do 10 G bits/sec EACH WAY, becomes a 20 G bits/sec cable when used with a USB 3.2 computer port that supports momentarily turning around the lanes for all outbound or all inbound.

The front Ports on the Mac studio max do not do that turn-around, and are therefore limited to 10 G bits/sec, which is not fast enough for 4K or higher displays at full color.

Start up from macOS Recovery

To start up from macOS Recovery, turn on your Mac and immediately press and hold one of the following combinations on your keyboard.

Command (⌘)-R

Install the latest macOS that was installed on your Mac.

Option-⌘-R

Upgrade to the latest macOS compatible with your Mac.

Shift-Option-⌘-R

Install the macOS that came with your Mac, or the closest version still available.

At first glance, those do seem like good cables, BUT -- at six feet, they are too LONG.

Proper USB-C cables for high-end displays are limited to ONE METER in length.

Sonoma is brand new. Unless/until readers contact Apple Support and ask for help with these problems or to report this as a Tracked BUG, Apple thinks all is well, and is NOT working on solutions for this vexing problem:

Official Apple Support

support can read these forums IF you give them a hint about your username or a link to the discussion, but no one at Apple FOLLOWS discussions looking for issues.

Only Support Tickets/Bugs are tracked and worked on.

Looks like Microsoft Teams to me‽

Does Microsoft Teams have Full Disk Access, access to Microphone etc.?