New Samsung T7 Shield for use with iPhone 14 Pro Max

I've unpacked the drive. Do I need to format it on my desktop computer before plugging it into the phone with the adapter? The Samsung User Manual I downloaded from the internet says it comes pre-formatted with exFAT, but the software I downloaded for it from Samsung indicates it needs to be formatted to use. So I don't know what to do.

All that said, I plugged it into my desktop last night to try formatting it. Ito wouldn't work. Before the software could finish, a message said 'No Samsung Portable SSD is connected'. In looking at Samsung troubleshooting, it says that the system software from the developer may have been blocked from loading. Their resolution suggests making a System Settings change under Security & Privacy to "Allow" after "System software from developer Samsung Electronics was blocked from loading." With my macOS version, the screen has changed, and I can't do it in the way Samsung suggests (my system is running macOS is Sonoma 14.4.1).

My screen does provide something similar. Under Security, I can 'Enable System Extensions'. But when I do that, I get a pop-up requesting my Apple ID and once successful--another pop-up arises with the following message:

"To enable system extensions, you need to modify your secuirty settings in the Recovery environment. To do this, shut down your system. The press and hold the Touch ID or power button to launch Startup Security Utility. In Startup Security Utility, enable kernel extensions from the Security Policy button."

I'd like to better understand what this will do before doing it. Does anyone have any experience with this and can recommend next steps? I really want to use by new T7 with my iPhone for backing-up photos.

Thank you for any helpful comments.