Could you elaborate on exactly how it's slow? All the time? Only at startup? - We don't have that issue on Intel/AMD, so I'm curious if the cause could be related to Rosetta Translation on the M1 chip.
I'm not certain that you should be seeing the "JS Debug" option. That might imply it's falling back to the old-style devtools. I forget what it should say because so often it doesn't work. The old-style devtools are basically unusable with native dependencies like react-native-reanimated and that could be the cause.
react-native-reanimatedand that could be the cause.