People Make Games made an enlightening documentary on the Valve model and where it fails: https://www.youtube.com/watch?v=s9aCwCKgkLo
Though if you need an example: Steam still doesn't have M1 binaries. Steam uses about 15 variants of UI framework, and some of it simply doesn't work on some platforms. Steam also took record time shipping an x86_64 (over x86) binary back in the day. Everything that's not the shiny current thing receives life support at most.