It is "caffeinate" not caffeinated. Stupid spellcheck 🙂
I have the same issue running Big Sur 11.4 on 24" iMac M1. 2021. Also, If I select "blank screen option" screen goes whitewash ghosting articacts. I have to log out and back in to reset screen.
I'm sorry we don't have any new development news around M1 compatibility yet.