Apple M4 Macs with Thunderbolt 5 support a maximum of 2 external displays via a Thunderbolt 5 connection. While CalDigit’s Thunderbolt 5 devices, such as the newly announced Element 5 Hub can support up to 3 external devices, Apple M4 host computers limit this to 2 external displays.
Triple external displays at this time are possible on Thunderbolt 5 Windows PCs that support 3 displays. No Thunderbolt 5 dock or hub can provide native triple display support on M4 based Macs. This is hardware limitation.
To check how many monitors your CalDigit Thunderbolt 5 device supports check the specific product’s webpage.