There are significant perfomance improvements, especially regarding that Rosetta emulations require huge amounts of memory. To test this just swap out php/mysql/nginx via homebrew like:
ln -s /opt/homebrew/Cellar/php@7.4/7.4.24_1/sbin/php-fpm /Users/USER/Library/Application\ Support/Local/lightning-services/php-7.4.1+16/bin/darwin/sbin/
Also disable MySQL logging in my.cnf.hbs if not needed.
Otherwise this produces huge logfiles.
Most LocalWP dependencies are already compiled for Apple ARM.
Maybe devteam could provide an alternate built with those libraries (like e.g. libreoffice)?