As zekromisblack says, the "dtoverlay=dwc2,dr_mode=host" entry is required as USB host mode is disabled by default for power saving.
Regarding this thread's topic, I can confirm that ALARM runs on my Compute Module 4 with the following settings:
$this->bbcode_second_pass_code('', '$ cat /boot/config.txt
# See /boot/overlays/README for all available options
dtoverlay=vc4-kms-v3d
initramfs initramfs-linux.img followkernel
display_auto_detect=1
# Uncomment to enable bluetooth
#dtparam=krnbt=on
[pi4]
# Run as fast as firmware / board allows
arm_boost=1
[cm4]
dtoverlay=dwc2,dr_mode=host')
$this->bbcode_second_pass_code('', '$ pacman -Qs rpi
local/linux-rpi 5.15.89-3
RPi Foundation patched Linux kernel and modules
$ pacman -Qs rasp
local/firmware-raspberrypi 20230125-1
Additional firmware for Raspberry Pi
local/raspberrypi-bootloader 20230124-1
Bootloader files for Raspberry Pi
local/raspberrypi-firmware 20230124-1
Firmware tools, libraries, and headers for Raspberry Pi')