Adobe no longer supports the Flash Player since December 31, 2020. As a result, Flash was not adapted to run natively on M1 and M2 devices.
If you want to view SWF files on such a device, you’ll have to run Elmedia with a compatibility layer. In order to do this:
Why is there a warning when trying to play SWF under Rosetta?
SWF playback under Rosetta is not flawless. It is prone to glitching and crashing. Use the compatibility layer at your discretion.