Unstable 4k display using Thunderbolt 4 docking station on MacBook Pro M1

I have a MacBook Pro M1 Max 16" running Sonoma. I also have a Kensington SD5700T Thunderbolt 4 docking station. I'm using the following one-cable setup:

- front USB-C to any of the USB-C ports to the laptop (using included TB4 cable)

- Logitech C925e webcam on back USB-A

- HP M283fdw printer on back USB-A

- Logitech Unifying receiver on back USB-A (for keyboard & mouse)

- iiyama XUB2792UHSU on back USB-C (using USB-C to HDMI cable)

This setup works great and stable on my IBM ThinkPad running Windows 10.

However, on the MacBook the setup is not stable, as my screen starts flashing off/on after a while. Sometimes it works fine for a few hours, sometimes it only works a few minutes. Once the problem starts, it repeats every few minutes, and basically it becomes unusable. Then I start trying various things, like plugging cables in and out, restarting the docking station and rebooting the laptop. After that, it will work for a while, until it becomes unstable again.

Now I thought there may be an issue with the docking station, so I just purchased the famous OWC 11-Port Thunderbolt 4 Dock (which is physically almost identical to the Kensington one by the way), but it has the same issue.

I will also try to replace the USB-C to HDMI cable with a USB-C to DisplayPort cable for connecting the display, but I'm afraid it won't help.

I've read similar issues on this forum:

M1 Pro MacBook Pro, CalDigit TS3+, and De… - Apple Community

Thunderbolt display blinking on new Mac S… - Apple Community

Second External Monitor Flashing with M1 … - Apple Community

Anyone been able to find a fix?