On a second thought, might also be this assert that fails the first tick:
gpAssert( (_controlfp(0, 0) & _MCW_PC) == _PC_24 );
Since setting the _PC_24 flag does not do anything on ARM, when checking the flags, that will be unchanged. First thought - could we disable one of these asserts with a patch? Or somehow pretend the flags are always set as expected on Apple Silicon with _PC_24 set (or redefine _MCW_PC)?
However, two more interesting bits of information I found, comparing Intel and Apple Silicon, which seems to hint at calculations using binary64 (double) match but binary32 (single float / 32 bit (24 bit precision)) don't match:
https://eclecticlight.co/2021/04/22/can-you-trust-floating-point-arithmetic-on-apple-silicon/
If so, that would mean the proper fix would be to replace all single floats in the game with double floats.