MacBook Pro M3 does not recognise USB drives

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A self-powered drive can only work properly if it is getting as much power as it demands from the USB bus. You can check that factor yourself.

 Menu > About this Mac > (system Report) > Hardware...

...

the first hurdle: "drive is not recognized' appears to be solved. the Drive is seen in that Hardware display, as illustrated by your report.

Now launch Disk Utility and look for the drive. You will likely have to change settings using the tiny "View' menu to "Show all devices"

as the manufacturer states, this drive is compatible with Windows 10+

"Reformatting may be required for other operating systems"

The display you are showing does not even identify what kind of device this is.

Is this a bus-powered drive or a drive with its own power supply?

if a drive with external power, if you have not connected its power supply, it can not be recognized.