On the M2 series laptops (Air and Pro) they tout "Support for Spatial Audio when playing music or video with Dolby Atmos on built-in speakers", but it's not on the M1 laptops.
The tech needed to do that doesn’t require fancy silicon, though it does seem they restrict the headtracked binaural (over headphones like AirPods Pro).[0]
Though you can plug any headphones in and, at least in Apple Music, force it to do a binaural rendering (without headtracking) on any headphones.