First off there's a great resource for Apple Silicon native plug ins:
https://asaudio.tech/
The big hold outs at this point are NI, only Kontakt is native.
With a Max chip you'll hardly notice Rosetta, but here's the deal everything more or less runs in AU Rosetta, only a select few plug ins are not capable. Mostly I have to host Reason Rack in PluginGurus Unify to get MIDI out capabilities because as far as I can tell only Unify and Logic of course can use AUi plug ins as MIDI effects inserts, so in native Apple Silicon mode, Live cannot use non native VST plug ins, only AU.
So if you're like me and had a lot of songs in Live with VST plug ins like Reaktor, FM8 or IK's T-Racks plug ins, you will want to run Live in Rosetta. At least first to port them to the AU versions. IMO there is a penalty for Live in Rosetta, a guy I had a webinar "fireside chat" with on MOTUs site uses DP in Rosetta with his 100+ track VEP set up, and remarked that it all seemed laggy compared to his higher end 2019 Mac Pro, but again Rosetta.
Odd things, Live is always a fast starting DAW, but it's 5 seconds on the M1 Air here, I have 238 AU plug ins, and about the same VST, plus slightly less VST3. That's literally fast enough to not worry about crashing live with.