M1 devices get High profile (detail), not Ultra. 
Resolution setting is not the same thing.
This will almost certainly be sorted on the next update, since right now you’re on Basic profile and 1440p resolution which isn’t a combination that’s meant to exist. I suspect they accidentally removed M1 from the list of High devices prior to the last update, then when it was flagged up by people on here, they’ve only added back the resolution choice rather than doing it properly.
Hey all. I am also thinking about getting a MacBook Air M1 to use for Zwift. I currently use an iPad Pro and I have had Bluetooth problems twice when a race is about to start. Annoying! I am excited to find out if and when Zwift will run native and if it is any better?
Out of interest what are the differences in details shown between the different graphics profiles? I can’t find a definition of them anywhere online.
You’re looking in the wrong places. Sent you a PM.
Since this was not fixed in the Feb update, may require more advocacy lest it languishes in the oceans of bugs… 
I bought the cheapest M1 MBP 13 I could find at Costco for $1200. This is unquestionably the best laptop I have ever owned, the performance is absolutely insane and this is coming from someone who has owned many high-spec Windows (Lenovo, Asus, Razer) gaming laptops as well as a good 4-5 MBP over the years.
Zwift works great, yes, but could look a lot better. Zwift needs to code this to the M1 silicon. In case those guys/gals don’t know, every new Mac going forward will be using Apple Silicon - there is no use in delaying their porting the code over. Will I hold my breath? LOL…not a chance. Will not be surprised if we are still discussing this in Feb 2022.
I am not sure if it works great anymore when looking better ( = gets Ultra profile)?
For Win PCs different GPUs get different profiles, but sometimes long time after being introduced…
I doubt there’s much “porting” to be done. Zwift has had ARM builds for all kinds of Apple devices for a long time, and for your typical XCode project there isn’t much to be done other than add a build target and press the build button. (Or more likely, use your regular build servers.) Ask QA to qualify, and then ship it. Not much novel here, mostly a matter of resource planning, scheduling work, and fixing that unexpected one-off out of the blue bug where some specific widget might think it should size itself for a small-screen iPhone or something.
Yea I was bummed when I updated the other day and still didn’t have the level of shadow detail I was hoping for…still just a small blur under the bike/rider.