Interesting, so the exe is never loaded. It's also weird that it's you and the other person who are both using M3 MacBook Air so it must be something specific to them.
My guess is that Apple must have changed what's required for Rosetta (it's what maps x86 apps to Apple silicone)
Open up the terminal and write this in
softwareupdate --install-rosetta --agree-to-license
Then try running the software, you may need to run that command file that's included.
If it still doesn't load up then try to send me the log files which could be in a few spots. Look in here first
Applications/UWUVCI-V3.app/Contents/Logs
If there's nothing here then I believe they would be in the Library path, either the one in your user directory or the one off of root aka ~/Library/Logs or /Library/Logs in those spots see if you see one for UWUVCI or one for something called Kegworks.
For any of the log files, send me the most recent one. Also, I apologize for the formatting, I am writing this from my phone since things from my most recent devlog are still ongoing.