Mac doesn't wake up from sleep since latest OS upgrade (Big Sur)
Sleep Wake failure in EFI
Failure code:: 0x00000000 0x0000001f

Big Sur has introduced a significant number of sleep-wake bugs that possess this signature. This is not user error and only Apple can fix this issue because it is a result of programming errors in their firmware and/or software.
The best that you can do is collect as much useful diagnostic information as you can and file a bug report. You’ve already collected your sleep-wake failure report, which is essential to provide.
An important step to take prior to filing your report is to eliminate potential hardware catalysts. Try cumulatively adding each of the following steps in order and see if the problem persists or goes away after each one:

I notice that you have several external devices attached to your system, including an Apple multiport adapter, an LG display, a Microsoft wireless dongle, and a Transcend external hard drive. Try disconnecting these and any other devices and dongles.
Try disabling WiFi and Bluetooth.
Try reproducing both on AC power and on battery power.

The next few experiments are intended to exercise the multiple internal routing paths for sleep &amp; wake signals:

You are presumably initiating sleep either via lid close or the Apple menu. Try doing it both ways.
Try setting a sleep timer and a wake timer (System Preferences -&gt; Battery -&gt; Schedule -&gt; Sleep) for one minute away and two minutes away, respectively, and letting the system sleep and wake itself via the timer without you touching it.
How are you waking the machine? Keyboard press, trackpad click, lid open? Try each one in order. If all still fail, re-enable Bluetooth, pair a Bluetooth keyboard or pointing device, and press a key/button on the Bluetooth device to wake the machine.