Now you should see 'Virtual Device' under Device Connector (just next to build icon) Run your App and it should start in Native M1 Android Emulator. Android studio can currently run with the M1 chipset using Rosetta, that translate machine code from Intel to ARM. The latest Canary build of Android Studio (15 as of writing this) brings initial native support for M1 Macs. Thankfully, Google is working on a solution. Because this is a recent transition, Apple has built-in a compatibility layer to allow x86-based programs to run on M1 Macs, and it seems to work pretty well. The problem with this preview build is that you can't change the emulator device type As blunt as it may sound, but updating the emulator which you’re running could simply end your problem, for eg. I'm running the emulator from Android Studio Arctic Fox, using Pixel 5 with API 31 Android 12 Preview 'S' arm64 (apparently has to run an arm64 image, to work on M1?) This is the first preview. Information is provided in the previous answer.
As I said in the previous post, these configurations are workarounds until stable versions are released, however, for me, they have been useful and I guess that someone in the same situation as me can benefit from that.