It's official. Cycles has a Metal GPU backend!
Cycles Apple Metal device feedback
Cycles now has a Metal GPU backend, contributed by Apple. Metal GPU rendering is currently supported on Apple Silicon computers running macOS 12.2 Apple computers with AMD graphics card running macOS 12.3 The implementation is in an early state. Performance optimizations and support for Intel...devtalk.blender.org
The 3.1 build I downloaded yesterday didn't have the Metal option but I've seen others post screenshots with the option.