M1 has an 8-wide decoder, which is by fart the widest commercialized design in the industry. Intel Skylake and AMD Zen(1,2,3) only has a 4-wide decoder, mainly due the the complexity of x86 instructions. To utilize such a wide decoder (and the excecution units in the backend) we have to rely on some super-scaler technique, but combination, used in this chess engine, usually has a very sequential instruction dependency which makes instruction level parallelism hard. This particular case is where SMT providing us thread level parallelism shines.
We don't downplay unfavorable benchmarks, but this particular workload is one of many cases that M1 is not good at(for now). If this particular case is very relevant to the user, that user should not buy an M1 equipped Mac. A lot of disagreement here only want to say 'M1 is fast for me' because OP comes with a scary title.