A bit convoluted, but:
* Download the latest version of nwjs: https://nwjs.io/ (use the ARM version for modern apple-silicon based Macs)
* Right click and "show package contents" for both CoS and nwjs
* Copy Contents/MacOS/nwjs from the nwjs package into the CoS package
* Copy the Contents/Frameworks/nwjs Framework.framework directory from the nwjs package to the CoS package, replacing the one that's in the CoS package
* For good measure, run chmod +x on the nwjs file again (shouldn't need it, but it doesn't hurt anything, just marks the file as executable)
* Close out the finder windows for the CoS and nwjs packages and try running CoS, it should work!
* If it doesn't, make sure it's running from your /Applications directory. Most RPGMaker games can't run from anywhere else on the system because of the way the save game features work. It may also need to be called "Game," I haven't tested renaming it yet.
Keep in mind I'm doing this with the backer version 0.6.0, but it should also work with 0.5.0.
Took me a while to figure out how to make that work, @TheDarkLight this is currently the only way to make CoS work on macOS on Apple Silicon, so it might be worth pinning somewhere.