Hi Cali,
that seems odd. I think it should have worked since this version of is specifically targeted at Mac M1s. However, there might be some good news:
1 - They released 0.10.0b2 yesterday with a bunch of fixes which might help. You can find out more here: https://github.com/Xaymar/obs-StreamFX/releases/tag/0.10.0b2
2 - They now seem to have a regular package installer that is available here: https://github.com/Xaymar/obs-StreamFX/releases/download/0.10.0b2/StreamFX-MacOS-Installer.pkg
It might be worth looking into both. I have to admit, I don't have a Mac M1 and still running on the Intel chipset. So YMMV from mine but it shouldn't be dramatically so.
Good luck and I hope it works this time!