No. This is a limitation of Thunderbolt and the fact that macOS doesn’t support multi-stream transport. You need to use (at least) one other port to get 3 monitors working.

It’s possible, you just need to find a docking station that supports DisplayLink, download the DisplayLink software on your MacBook, and go through all that. Takes a bit to set up, but it should work. Then again I’ve only heard this for the M1, not the new one yet.

I have a couple docks I need to test, but it is seemingly more difficult to do this on M series. I feel there has to be a way.

https://plugable.com/products/ud-ultc4k

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I use this at the office, but only use two monitors so can't confirm if the 3rd port will actually work. But it does have three outputs...

Daisy chain