There's no checkbox called "prevent this app to run on M1 Mac" anywhere, only an option to make it visible on the store, that's not the same thing at all as preventing it to run.
Very much up to the developer
Just stop already.
Do you think a developer who ticks that checkbox is going to be unhappy with this functionality?
I unchecked that box because I haven't developed with mac in mind and don't want to provide bad experience.