I decided to just try it and it worked perfectly OK!
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dpb on 13 Dec 2021
https://www.mathworks.com/support/requirements/matlab-system-requirements.html?s_tid=srchtitle_MAC%20Monterey_6 indicates R2021b does support Monterey; previous versions do not show it as a listed supported OS. Several links showed up that ML would not start/run under Monterey for various folks of various earlier releases.
One can presume from these the likelihood is quite low it would work for you...