Yes. This page has several ways to get older macOS versions: https://support.apple.com/en-us/102662, but the earliest macOS version you can use on Apple Silicon is macOS 11.

If you move your home directory to a different disk partition, you can even share it between two different macOS versions!

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asimovDev 3 hours ago | parent [-]

these Macs can't go below Tahoe. People on Mac Rumours were complaining about M5 MacBooks unable to install Sequoia, so it's safe to assume Pro/Max chips will be the same.

	▲	angulardragon03 2 hours ago \| parent [-]
		This. You can’t downgrade below the version the device ships with (a forked build of the current version at time of mass production)