This update also adds a MIDI tap tempo option in the standalone application, and brings several other improvements, as described in details here.

As benchmarks confirm, the M1 processors are very powerful, but the real benefits for low latency audio processing come when running software built for M1 (not going thru the Rosetta translation layer).
The new PatchWork can of course be run both natively on the M1, or thru Rosetta if you need to load older Intel-only plug-ins.