I also use a Thunderbolt 4 hub, and this solution works if I am connected through that (with the following steps as well + the adapter below). As always YMMV, I would highly recommend connecting the adapters directly to the Mac for best performance and compatibility.
I want to start this off immediately by crediting the source that actually helped me resolve this issue. I went down many rabbitholes, most uninformed, and wasted a few hundred dollars on things I have to return that did not solve the issue.
When I recently switched my gaming setup to an LG C3 42" (which is technically a TV, and thus, has no DP ports), I noticed that when I switched to my macOS device for work which I do from home occasionally, I could not output at 4K 120Hz with HDR.