Based on Wikipedia – admittedly, not necessarily the most authoritative source – it appears that USB4 has three "up to 20 Gbps" USB transfer modes. The two new ones aren't compatible with each other or USB 3.2 Gen 2x2.
There is nothing prohibiting a particular USB4 host port from supporting all three. However,
- Support for one of the new USB4 "up to 20 Gbps" modes (the one with a marketing name) is mandatory for a USB4 host port.
- Support for USB 3.2 Gen 2x2 is optional for a USB4 host port.
It is my understanding that Macs do not implement USB 3.2 Gen 2x2. It may seem odd that Macs implement the optional USB4 "up to 40 Gbps" mode and optional Thunderbolt 3/4 "up to 40 Gbps" mode, but not the optional USB 3.2 Gen 2x2 one. Nonetheless, I believe that the standards allow this.
In general, USB 3.2 Gen 2x2 peripherals don't know about Thunderbolt or about the new USB4 "up to 20 Gbps" USB transfer modes. So when you plug them into a Mac, the two settle on traditional USB at a speed that both support. If you're talking about a USB-C port on an Apple Silicon Mac, that is typically USB 3.1 Gen 2 ("up to 10 Gbps") speed.