I would suggest using Disk utility to erase the whole physical drive as GUID partition and exFAT if you want to use the drive with both macOS & Windows. Other systems may format the exFAT file system using file allocation sizes that may not be compatible with macOS which appears may be the case here with the error message you posted originally.
If you are only using this drive with Macs, then erase the whole physical drive as GUID partition and either the MacOS Extended (Journaled) file system if it is a hard drive or will also be used by older versions of macOS 10.6-10.12. Or use APFS (top option) for the file system if it is an SSD and/or it will only be used by macOS 10.13+ systems.
Within Disk Utility you may need to first click "View" and select "Show All Devices" before the physical drives appear on the left pane of Disk Utility.
FYI, it is usually a good idea to erase any drive you acquire even if it appears to have an empty file system on it. Some new drives may ship with a hidden partition or software on them, plus it is a good way to make sure the file system will work properly with a Mac like in this case here.
Just make sure to temporarily move any files from this drive before erasing the drive since erasing the drive will destroy all data on it. Or you can restore from a backup. FYI, even external media needs to be backed up frequently if you have important & unique data on it.