MacBook Air M1 bluetooth connectivity issue

I am a new MacBook user, bought MacBook Air M1 about 10 months ago. At first everything was great, bluetooth connection was working fine. But since a couple of months, I began to face bluetooth connectivity issues. I'm not sure whether it is due to the upgrade from BigSur to Monterey. **Specs:** 1. Model: MacBook Air (M1, 2020) 2. OS: macOS Monterey 12.4 3. Memory: 8GB 4. SSD: 256GB **Issue:** I have two bluetooth devices - 1. JBL Live 300TWS earbuds 2. MIVI Roam 2 speaker. Previously both of them used to work perfectly fine. But now, they disconnect immediately after 1-2 seconds of connecting. I can even hear "Paired" sound from my speaker but gets disconnected immediately. Keep in mind that I'm NOT trying to connect both at a time. At first I thought there was an issue with my devices, but after testing with couple of Android phones, I'm sure the issue is with the MacBook. **Things tried:** 1. Turn Off/On Bluetooth in MacBook, Turn Off/On my bluetooth device 2. Forget all devices in MacBook and connecting them again 3. Deleted ~/Library/Preferences/ByHost/com.apple.Bluetooth.XXXXX-XXXX-XXX-XXXX.plist 4. Deleted /Library/Preferences/com.apple.Bluetooth.plist 5. sudo pkill bluetoothd 6. Force quit bluetoothd from Activity Monitor 7. Force quit coreaudiod from Activity Monitor (saw this somewhere) 8. Turn off Wifi I even restarted the MacBook after every step but still wont work. I'm out of almost all the options and only thing I have now is to try downgrading to BigSur but the process is too hard for me and I don't have any previous backup. Are there any other ways to fix this? What do I do?