You may notice the screen flickering on the Dell monitor when the refresh rate on the MacBook M1 is set to Variable (40-60 Hz).
This is a known compatibility issue and does not require replacing any hardware.
Update macOS to version 13.0.1 or higher to avoid flickering related to Variable Refresh Rate (VRR).
Use the instructions below to change the refresh rate from Variable (40-60 Hz) to 60 Hz on the MacBook.
Figure 1: Apple Menu System Preferences
Figure 2: Displays Preferences
Figure 3: Display Settings
Figure 4: Display settings are shown for the Dell Monitor S2722QC
Figure 5: Select 60 Hertz
Figure 6: Confirm the change