Let me start by listing what does not work:
Windows power options, disabling indexing for the drive or disabling the page file.
There’s a similar question here: How to forcibly disable (spin down) an internal Hard Drive (Windows 10 v1903)
But it relates to internal drives and the updated version of RevoSleep utility seems to work in that case.
Is there any way to permanently spin down external drives without just turning them off via a hardware switch?
Addressing the comments:
@Tetsujin: This isn't true for any of the external drives I've owned. They do spin down but get woken up after just a couple minutes.
@spikey_richie: Ejecting does work but it needs a power cycle or replug to get the drive to show up again.
@Moab: Windows power settings don't work consistently.