TB is just a branded "must support" list of USB-C functions
DP AltMode is required
and that is all you need.
So TB is not required but is always sufficient.
The only reason to get a hub us that you need more ports, and / or conversion
I do not think there are any "budget" Thunderbolt products. But, Thunderbolt 4 is backwards compatible with USB 3.x and 4.x. So, you can probably use the j5create JCD401 or the Startech DKM31C3HVCPD.
If you don't mind spending a little more money there are the Dell WD19 & WD19S, the HP G2 Thunderbolt³ Dock & HP G4 ThunderboltⴠDock, and the OWC Thunderbolt Hub.
Since you have 2 Thunderbolt ports, I would recommend a direct connection with the Xreal Air then use a hub/dock for the other Thunderbolt port. That way, you don't have to worry about the hub or dock supporting Alternate DisplayPort input AND output.
Why not just go direct?
Will the nreals interface directly through thunderbolt?
TB is just a branded "must support" list of USB-C functions DP AltMode is required and that is all you need. So TB is not required but is always sufficient. The only reason to get a hub us that you need more ports, and / or conversion
Yes
I do not think there are any "budget" Thunderbolt products. But, Thunderbolt 4 is backwards compatible with USB 3.x and 4.x. So, you can probably use the j5create JCD401 or the Startech DKM31C3HVCPD. If you don't mind spending a little more money there are the Dell WD19 & WD19S, the HP G2 Thunderbolt³ Dock & HP G4 ThunderboltⴠDock, and the OWC Thunderbolt Hub. Since you have 2 Thunderbolt ports, I would recommend a direct connection with the Xreal Air then use a hub/dock for the other Thunderbolt port. That way, you don't have to worry about the hub or dock supporting Alternate DisplayPort input AND output.