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Yup, totally doable. Of course, it’s a point to point link so if you want to build a whole cluster that way then you’ll need a lot of usb-c ports or you’ll need to make more of a mesh topology.

I believe MacOS supports it via the usual network control panel. I’ve used it for transferring data from an older laptop to a newer one. The cable is more expensive than fiber, last time I checked.

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I have also used a USB 4 cable to network two MacBook Pros to one another and can confirm that it was very simple to connect and it was fast as heck. The USB 4 cable I used was rated for up to 40 Gbps.
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I used to have a thunderbolt ring network for a ceph backend on my k8s cluster. On Linux load the thunderbolt_net kernel module and they show up the same as any other Ethernet interfaces. Just directly connect them and configure the network settings on each end using your normal tools.

Latency was an order of magnitude higher than twisted pair but the throughput was greater than 10Gbps and I didn’t have to spend on 10GbE capable servers and network equipment. I vaguely remember that they had to be proper Thunderbolt not just USB-C but that could have changed it’s been quite a while.

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USB-4 is basically Thunderbolt right? Thunderbolt networking is pretty automatic on Macs at least: https://support.apple.com/en-gb/guide/mac-help/mchld53dd2f5/...
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USB4 includes standardization of Thunderbolt 3. It allows tunneling USB data, DisplayPort, and PCIe. It also adds 40Gbps and 80Gbps speeds.

Thunderbolt 4 is profile with USB4 tunneling, 40Gbps speed, and 100W power. Thunderbolt 5 is 80Gbps and 240W power.

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With USB 4, very strictly speaking: It's iffy. USB 4 doesn't require hosts to be able to switch roles and talk to other hosts. It can support this, but support is optional.

But for all certified Thunderbolt 4 and 5 ports, this kind of networking support is a requirement. (It is optional with Thunderbolt 3.)

The rest is up to the operating system.

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Your so-called appropriate USB C cable is just two USB-C to Ethernet adapters plus an Ethernet cable. It’s very common on laptops without native Ethernet ports. But in my experience USB isn’t a very good protocol; it generally uses way more CPU than plain PCIe Ethernet. This is especially the case if the chipset is using ECM rather than NCM.
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Yes, there are a few standard(ish) mechanisms for doing this, like [RNDIS][1] and NCM. If you have two Thunderbolt-equipped Macs and connect their ports together, you can use Bonjour/zeroconf for network discovery between them.

[1]: https://en.wikipedia.org/wiki/RNDIS

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You're limited in your network topology because there is no USB Switch. This HN post used two USB4 connections to create a 3-node cluster: https://news.ycombinator.com/item?id=39003469
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