Yes, it's a 32bit app. You could try to find Wolfling on gamejolt, I think I have uploaded a 64bit/intel version of Wolfling over there some time ago. I would be happy for feedback if this version works for you...
Hi, I downloaded the 64bit version for Mac from Gamejolt and it works on my MacBook Air M1. On launch it shows an error but you can launch it following this instructions: on your Mac open "System Settings", then "Privacy & Security," scroll down until you find the security message about Wolfling and choose to launch it anyway. It should work! The default buttons on my keyboard are “control” and “option”.
P.S. I discovered the game yesterday in a retrogames event in Vigevano (Italy) where the Reloaded version was playable on a real C64 and it looks wonderful, so now I want to try the Mac version!