Hello,
I am not an Islandora expert and I may get something wrong in this message. If you already have a production site/server that is using Islandora 7, and you need to now run Islandora 7 on a macOS laptop to EXPERIMENT with Islandora 7 you could try to follow the installation steps on this site for ISLE7 (ISLE for Islandora 7 [legacy])...
Though the site above is meant to guide you to migrate your existing Islandora 7 production server to run Islandora 7 with Docker. I am not sure that is what you want to do or maybe it is.
If you want instead want to launch a brand new Islandora site, the community recommends that you use the newer Islandora 2 instead of Islandora 7.
For the record, I understand this seems wrong, but currently Islandora 2 is newer software than Islandora 7.
One more thing, I have not run ISLE7 on a macOS M1 chip, so far I have only run it on macOS Intel chips. There is also a new version of ISLE that is informally called ISLE2 that is for running ISlandora 2, I have experience running it on macOS M1 chip and I like it.
Hope this helps,
Yamil