Error about Android Studio on Macbook M1: An error occurred while trying to compute required packages

This is what solved it for me on my M1.

1. Go to Android Studio Preview and download the latest Canary build for Apple chip (Chipmunk). Don't worry this is just to get through the initial setup.
2. Unpack it, run it, let it install all the SDK components, accept licenses, etc as usual.
3. Once it's done, simply close it and delete it.

Now when you start your stable Android Studio (Arctic Fox) you should not see the error.

I tried over a dozen 2021 stable and Canary builds from https://developer.android.com/studio/archive and couldn't get any of them to work.

This is the only thing I could find that worked:

1. Download, unpackage and run Android Studio 3.6.3 android-studio-ide-192.6392135-mac.zip from here.

2. Proceed through the initial setup and let it download and install the SDK. Ignore any errors at the end.

3. Delete this version and open the stable Android Studio like normal.

4. You can now proceed through setup!