I received this response from Logitech support:
Thank you for contacting Logitech, My name is Jayarani. I will be assisting you with Logitech Options.
I apologize for the inconvenience. Logitech Options is not compatible with MacOS 12 M1, Apple silicon ARM M1 / M1 Pro / M1 Max. However, Logitech Options is compatible with MacOS 12 Intel chip.
Our development team is working on software. Once there is an update it will be updated on our official Logitech support page.
For future reference, your ticket number for this issue is ###### and you can reference it should you have any further questions regarding this case.
You may receive a survey in regards to your support experience and I encourage you to take a moment to provide your opinion so we can continue to better your customer experience. Thanks so much!
I appreciate your efforts. Thank you for contacting Logitech. Have a good day.
To which I replied:
Thanks for your response. However you misunderstand the issue. This has nothing to do with Apple Silicon. It's about Logi Options 9.40.75 compatibility with MacOS Monterey 12.3 regardless of Intel or Apple Silicon hardware.
The issue is that Logi Options does not work with Universal Control, and it's independent of Mac model or hardware architecture. The Logi Options Daemon steals all but the basic left, right and drag mouse events on the controlling device, and these are not transmitted to the slave Mac (or iPad). This is particularly bad because all high end Logitech mice are effectively neutered and, worse, behave differently on the slave. Not even the main scroll wheel works, let alone the secondary scroll wheel, gestures, and four additional buttons.
Logi Options+ behaves no differently and the problem is consistent across all MX series mice (and many others, according to the forums).
What am I after? A bug ID and known issue publication from Logitech, acknowledging a fix is in the works. This is entirely independent of Apple Silicon native compilation, which isn't a big deal because Logi Options works fine with Rosetta 2.