Should work fine, I'm testing it on an M1 with the latest as well? Was it a security error?
An update- I tried downloading other games made in Love by other people (not my own game) and I ran across this same issue! I wonder why that is. I think if you download the .love file (called the linux file above, or retro pi), and download and install the mac version of love from-
It should work. Asking on forums why this might be the case with app folders on the forums