Have you tried the native Paragon NTFS on an M1 Mac?The paragon driver isn't used for running Windows or Linux off an external drive, it's so that Mac OS can read and write to an NTFS-formatted drive. Most external drives are formatted for either NTFS (Windows) or HFS/APFS (Mac), which means you can't simply unplug the drive from one OS and switch it to the other and expect it to work. The WD EasyStore series does use ExFAT, which both Windows and Mac based systems can read and write to. That's what I use for my iTunes library, since I only have to keep one set of media updated instead of sychronizing across multiple libraries.
I found it to be about 25% slower than using the same disk (with Paragon NTFS) on my MBP16.
However, part of this may be due to USB differences between M1 and Intel Macs - even HFS+ or APFS disks are slower on the M1 than on Intel.
Hoping that Paragon can improve on this.