Does the M1 even have microcode updates? I haven't seen anything pointing to that yet.
After all, process isolation between cooperating processes is nearly impossible to do. If Apple close this loophole, there will be other lower bandwidth side channels like spinning up the fan in Morse code and the other process notices the clock speed scaling up and down...
[0] https://github.com/AsahiLinux/m1n1/blob/main/src/chickens.c