I notice the same thing with my M1 Macbook Air and PSE2021.
Another forum member, FrankKieckeben, wrote:
Nice to see that two months later and no one from Adobe has bothered to comment here. There is a trial version which runs through Rosetta 2. I suggest you download and try it.
I can tell you that the organizer part of Elements 2021 is awful. Even with only 400 photos (jpgs mind you, not RAW), the scrolling extremely lags on a MacBook Air M; making it almost unusable. Scrolling from the top to the bottom of my grid of images causes stuttering and delays of anywhere from 5-30 seconds depending on how fast you try to scroll. The editor (for photos, haven't tried video) seems to be ok but if you have tried the Lightroom version designed for Apple silicon there is no comparison in terms of speed, smoothness and overall polish. Without knowing for sure that there will be update to Elements 2021 for M1, it's a waste of money right now.
Either wait for an announcement of an update and purchase it then, live with the frustrating performance, get Lightroom or step away from the Adobe ecosystem all together. There are many good choices out there. Many have thrived thanks to Adobe's forced subscription service for 99% of their products.