I resolved the problem with Active Trader Pro. It turns out that it's a problem with Active Trader Pro; not Windows, macOS, Apple Silicon, Big Sur or Monterey.
One of the Portfolio settings causes it to go into a CPU loop on my Windows desktop and it returns about twenty minutes later. On macOS, it never returns (I assume due to WINE). Changing that Portfolio setting has it start up immediately on Windows, macOS, Apple Silicon, etc. So Active Trader Pro does run fine on Apple Silicon. The main issue with using Active Trader Pro, though, is when Rosetta goes away. People using Apple Silicon will have to remain on older versions of macOS to continue to run it.
I am not expecting Fidelity to fix this anytime soon. They are mostly working on their iOS and iPad versions these days.