I turned off USB4 power management, and my transfer speeds jumped from 500Mbps to 2,400Mbps

It's fair to say that the current state of USB naming conventions can be confusing. But if you want the fastest connection, USB4 is where it's at. USB4 cables generally support speeds of up to 40Gbps, and USB4 v2 supports up to 120Gbps, but the standard requires 20Gbps as a minimum.