I use an M1 MBA and have Airpods Pro. I straight away abandoned IINA, which was my go to video player before this. Despite IINA being open source and having tons of contributors, Infuse is the only player right now that supports Spatial Audio on macOS. I have a plex and a jellyfin instance. I can't explain how happy I am to be direct playing all videos with the spatial audio working!
It has so many awesome features that I am geeking out. It has Jellyin/Plex/Emby support! It has trakt support! It can stream from gdrive! I haven't tested any HDR tone mapping support. Higher bit rate videos and better audio streams require the subscription, but currently the free mode works for my x265 mini encodes quite well!