...I'm sure many users will be wondering what connection port is compatible with the peripheral device they are planning to use ...
Since there are many Macs that come with nothing other than TB3 or TB4 ports, it's easy to surmise that those ports are designed to be compatible with virtually any peripheral that you intend to connect to your Mac. Though you may need an appropriate adapter to match the interface/bus on your peripheral to your Mac's ports.
If you want to be sure what the appropriate cable, or adapter, you need is, or the best choice of same, just ask. This comes up all the time. So folks have, by now, found which adapter/cables work, and which don't.
The biggest pitfall, as I've said previously, is to use a "USB-C" to HDMI adapter that does not explicitly support Thunderbolt 3 or 4, to connect your 4K (or better) monitor. That will give very disappointing results.
External SSD hard drives that are advertised as "USB 3.2 Gen 2x2" or as offering 20Gbps throughput, only seem to ever give USB 3.1 (10Gbps) throughput with a Mac, and probably should be avoided as a waste of money for the extra speed they advertise. USB4 external SSD's work as expected (at close to 40Gbps) with a Mac if you use an adapter that supports TB3 or 4.
Otherwise, it's hard to go terribly wrong. Most peripherals don't have the throughput requirements that TB 3 or 4 offer as a maximum, and TB 3 or 4 ports are backwards compatible with slower buses. Macs that have USB-C ports that only offer the USB 3.1 protocol (i.e. they are not Thunderbolt ports) work nicely with just about any peripheral, other than a monitor or fast external drive, with the proper plug adapter.