I just got my M1 max Saturday and started playing the game yesterday. Patch 6 is supposed to be optimized much better for the new MacBooks, but who knows when that will come out. I've been playing on Patch 5 and while its great, there's currently no way to check my frames per second, so its a little difficult to tell how well its running. The FPS Counter from the steam overlay doesn't work with the ARM version of the game.
Just to report how it seems to be running: It runs without stutters at the 2160x3456 (16:10) resolution option (native minus the top part with the notch) with maxed settings for me, but I set a frame rate cap at 60 Hz usually to keep the fan speeds and heat down a bit. The laptop is definitely getting put through its paces at that point though so expect a lot of heat and fan noise. I'm using the 16" M1 Max with 10&32 cores, 32 GB memory, and 1TB storage btw.