According to the product page, the 405/405Pro supports Thunderbolt 3/4, as well as USB4/3.x/2.x. When using a Thunderbolt rated cable (one with the lightning bolt icon) I would assume it will utilize Thunderbolt protocol when connected to a USB-C Mac. The product documentation shows a Thunderbolt 4 cable (lightning bolt icon with the number "4").
However, I would assume the Thunderbolt 4 cable would also support the USB protocol as well. Only way to confirm the protocol being utilized by the enclosure is to check the Apple System Profiler in the USB & Thunderbolt sections to see which one the enclosure is associated. I would always be concerned about cases where there may be some issue and it may not handle or recognize Thunderbolt & instead attempts to connect with the USB protocol.
Check the Apple System Profiler to see what protocol these drives are utilizing when connected to your Mac. Can you see both SSDs when booted into macOS? If not, do you at least see both Acacias enclosures even if the SSD is not seen.
Sounds like a compatibility issue with the Acacias drives, the SSD, and/or the Mac. Perhaps the issue is with the Lexar SSD you are using. You may want to try checking the health of those SSDs by using DriveDx (free trial period) and posting the complete text report here using the "Additional Text" icon which looks like a piece of paper on the forum editing toolbar so we can examine the health of both SSDs.
Probably will need to contact Acacias technical support for assistance.