Thanks to hexsprite and wreiske on github I got it running. And despite running on Rosetta it’s still aprox. 50% than on my old 2016 MacBook Pro 13" (starting dev server on same repo took 36s on old and 23s on new MacBook). Can’t wait to have it all running natively.
You can either restart zsh running in Rosetta with arch -x86_64 zsh or switch your terminal to using Rosetta by right-clicking the app in Finder, selecting Information and then selecting Open with Rosetta.