M2 chip fails to generate preview to Sony RAW (ARW) files

Press the option-key with the Apple () menu : System Information… On the resulting panel, scroll down until you see Raw Support under the Software category. Grab and drag the grip on that panel to show more supported camera models and then scroll down to Sony. If your particular Sony camera model is not shown, then Apple has not implemented camera RAW support for it yet. If the camera is shown, it may be limited to uncompressed RAW ARW images.

If there is no camera RAW support for your camera, no one here can advise when that will become available as that is between Sony, Apple, and the latter's testing and operating system release schedule. Apple does not make retroactive camera RAW support, so if your camera is first supported in Sonoma, it will not be made available for Ventura.

Without camera RAW support in the operating system, Finder, Quick Look, or Preview cannot display any visual RAW image data. The "codec" that you seek is when Apple implements the relevant RAW support in the operating system. This has nothing to do with the M2 chip architecture.

Adobe's Digital Negative Converter software can convert your ARW files into DNG images that are supported by Finder, Quick Look, and Preview. The free XnViewMP application can show the ARW images without conversion.

Then it may be an issue of compressed .vs. uncompressed RAW support, or something that the Finder does not like about those mounted drives or card formatting.