Doesn't work on my M1 12.0.1 Monterey Mac either. Crashes right at "Entering the Realm of Teleria". Bluestacks doesn't run on M1 Mac. On my intel mac, Plarium Play runs Raid a little bit, but crashes frequently, and bluestacks has kernel panics in Monterey. So there's no way to play Raid on Mac at this time. Not reliably.
Decided to try again today if I could start the game since I haven't been able to start Raid in close to 2 months now. Still crashing at "Entering the Realm of Teleria". There was an update at the start of october/end of september which broke the game Apple silicon. I was on Big Sur at the time, now Monterey. This is on M1 Macbook Air.