Somehow missed this from WWDC23, but it looks like Sonoma will add support for bfloat16 with Metal, and there's an active PR to add support with the PyTorch MPS back-end (PR #99272). Since M2 added bfloat16 support at the hardware level, I'm assuming this will only be supported on M2 Macs.
That maxed out Mac Studio M2 w/ 192GB of memory now looks more appealing...