I am using the 7.0.6 client on an assortment of macs (current Monterrey and beta Ventura).
On the intel macs the client works fine, the OS prompts for kernel extension permission and for fortitray.
On the M1's fortitray never asks for access (I have subsequently added it manually), but the tray icon also disappears from the mac os tray when going to/from the mac user login screen.
Once the icon disappears, you can still access the client console, but at this point it gets stuck in a connecting state and never connects. You can't force it to stop connecting either.
The only solution is a reboot which is temporary until the bug appears again.
Behaviour was the same on 7.0.5 and it seems unique to M1's.