I came here to search for and inquire about exactly this scenario - an M1 running the host sequencer, with VEPro on high-RAM slaves. All we need is the VEP plugin to work (MAS for me, AU for others).
I am considering adding an M1 for exactly this purpose, but if native support is months away for VEPro plugins (server can wait), I might not get an M1 and add another slave instead.
One thing that's missing from this conversation in general is this. It would be absolutely fantastic to get the plug in VEP in VST, MAS, AU etc. ported to Apple Silicon first. this seem entirely possible and solves a major issue with Apple Silicon Macs in general, i.e. you could run your DAW (well most DAWs at this point anyway), in native and host x86 plug ins on a VEP server on an older Mac or PC.