Only Thunderbolt 3 screens van de daisy-chained on one port. But, I don’t think it works on a M1 mini, which supports 1 screen via Thunderbolt (display port) and the other via HDMI out of the box.
I have three 4k screens connected to an M1 mini:
1 via Thunderbolt direct to the Mini
1 via HDMI direct to the Mini
1 via a DisplayLink adapter connected to USB on my Caldigit Thunderbolt dock