Chosen Solution
I have a Sony camera connected via the elgato camlink stick. Everything worked fine, until I plugged in a multi-usb adapter. Then this strange behaviour you can see in the video occured, forever :(
Here are some logs
Turned off and onTried another Macbook (same behaviour there, very strange)I reset the SMC and PRam. Update (03/24/2021) Hi guys, thanks for your support! I do not know why, but it works. I changed the adapter and everything works fine. That is weird, because everything worked fine with the adapter that I exchanged. Thanks for your thoughts @logixal, inspired me to adjust a cable. I am not sure if this will help anyone out there, as my setup is quite specific. But what I can tell (if someone stumbles upon these error messages) that this must be some software related issue. I am not sure, if the third party usb hardware that I have plugged in updated my usb drivers. Being uncertain, my next step would have been @danj s advice, speak to elgato / apple and sending them some of my logs (spotlight -> console).
If its a high def camera you might need its own hub to operate. the cam link draws power from the USB correct? There’s no other power source for it? I had a problem with having my HD camera plugged in and my Elgato on the same hub. It would cycle my camera on and off. You may need to get a USB Power booster to run both on the same USB outlet.
@Alex Friedl - The log entries imply a OS level issue not hardware. You’ll likely need to speak with Elgato on their Camlink stick drivers and you may need to also talk directly with Apple. I would also try using a USB-C to USB-A converter or a real Apple USB-A dongle to see if the hub you are using is a factor.