It's based on IntelliJ IDEA Community Edition 2020.2, and M1 support was released only for the very recent version of IntelliJ. So my sort-of educated guess is that no it doesn't.
The bigger issue is the Android emulator, which AFAIK still only kind-of works on M1.
Please don’t use that. I am in the process of returning my M1 and asking for a 32GB previous Pro model from my IT team.
Knowing Google it’d take more than months to fix their shit.