Older versions of Minecraft (pre-1.6-ish) cannot be launched on M1 Mac
Workaround
Deleting the options.txt file from the minecraft directory before relaunching the game should allow older versions to start.
I suspect that the versions of Java that the launcher uses to run the older versions are the culprit.
The issues in the official launcher range from opening a completely black window, opening with the wrong window size (which crashes on attempt to resize), opening but with partially inverted colors, or just not opening at all.
With such a huge community that continues to play on older versions of the game, this is a problematic issue to come across in the official launcher.