14:50:40: Error: dlopen(/Library/Application Support/audacity/libs/ffmpeg.55.64bit.dylib, 0x0002): tried: '/Library/Application Support/audacity/libs/ffmpeg.55.64bit.dylib' (mach-o file, but is an incompatible architecture (have (x86_64), need (arm64e)))
ls /Library/Application\ Support/audacity/libs/
ffmpeg.55.64bit.dylib ffmpeg_utils.52.64bit.dylib
ffmpeg_codecs.55.64bit.dylib
Unfortunately, M1 Mac users currently have to create their own libraries for Apple Silicon from source. Use the command line version of Xcode and the HomeBrew development environment.
See the following instruction.
Thanks folks. I had originally installed ffmpeg through homebrew so it was just a matter of knowing where to point Audacity at this point. /opt/homebrew/Cellar/ffmpeg/5.1.2/lib/ worked like a charm.