This is a question that you could probably have resolved by now, by contacting support.
You could also have investigated whether this was likely a QLab 5.5.5, 5.5.9, Monterey vs Sequoia, or M1 vs M4 issue. Both machines could run 5.5.5 and 5.5.9 and you could temporarily install both versions on both machines.
Both machines will run Sequoia and you could make a Sequoia boot disk on an external SSD to temporarily run your M1 under Sequoia.
These 2 tests should pin down the problem to QLab, OS, or Processor.
After that it's probably a matter of looking at how your .mov files with alpha were made, what codec is used, and if the alpha is straight or pre multiplied.
Mic