Most are, as I mention, but it's not guaranteed
Thunderbolt 4 is purely a certification for USB4 devices. There is nothing that USB4 guarantees that Thunderbolt 4 doesn't.
you don't have to worry about compatibility at all, it should work with all Thunderbolt 4/5 and USB4 devices equally.
MacBooks with Thunderbolt 4 ports are included in "all Thunderbolt 4" devices, however this dock will get stuck in display mirroring mode with a Mac due to Apple boycotting MST (the method that this dock uses to drive multiple displays). Thunderbolt 4 requires that docks support multiple DP tunnels, which enables multiple screens on MacOS (although with many docks the displays need to be connected in specific ways for that to work).
So it doesn't work with all Thunderbolt 4 devices equally.
This also doesn't work with Thunderbolt 3 backwards compatibility (which is optional in the USB4 specification but required to receive Thunderbolt 4 certification). So it is also necessary to worry about compatibility in that regard.
On the other side I am not aware of any cases of Thunderbolt 4 docks not working with USB4 devices in practice (there are theoretical ways that things can be incompatible if laptops don't implement certain optional USB4 features, how in practice all laptops do and Microsoft mandates most of those features for laptops that ship with Windows).
This dock uses the same main chips (Via Labs VL830 USB4 controller and Synaptics VMM6210 for the display outputs) as much cheaper docks like the Anker 556. Compared to the Anker 556 this Razer dock gains 1 USB-C port, 3 USB-A ports, and a MicroSD/SD card slot. Although it has the same total bandwidth available so those additional ports share bandwidth with everything else on the dock (same as if you plugged a cheap 4-port USB hub into the dock).
Are those additional 4 ports + MicroSD/SD card slot really worth paying 2.3 times as much for? I don't think so, which means that this isn't the best value dock.
At the price of this dock I'd recommend the Dell WD22TB4 or the Kensington SD5700T instead. Those have fewer but more capable ports paired with a more capable controller.
Edit: The Cable Matters 16-in-1 40Gbps Thunderbolt 4 Dock seems to offer objectively better (ie. equal or better in all ways) specifications while being $10 cheaper (on Amazon US currently). To be specific it offers quad display on Windows/Linux and dual display on Mac (double in both cases), two additional USB-A ports (10 Gbps and 5 Gbps), 2.5 Gbps Ethernet (using the universal implementation), more total bandwidth (due to a superior controller chip), and proper backwards compatibility with Thunderbolt 3 laptops. Although if you want more capable (ex. USB 40 Gbps output) but fewer ports then the Dell WD22TB4 or Kensington SD5700T that I mentioned above are better choices.