I'm also on M1, which might affect things.
Checked with some other people who know more about Renpy - it might be an issue of OS X quarantining the Renpy app. Here are two known workarounds:
1) Show package content on app > contents > macOS - open executable file.
2)
Open terminal.
Paste (with a space at the end):
xattr -dr com.apple.quarantine
Drag the app onto the terminal, so you get something like
xattr -dr com.apple.quarantine /Users/<username>/Games/Price-Of-Power/Price-Of-Power.app (file path/names may vary)
Run that command. The app should now open properly every time without needing to locate and run the internal executable.
Do either of those work?