I hear it's an update to how it handles bad plugin artefacts - it used to come up as "666" on the master fader. That said, I feel like it's happening more frequently since I updated to 5.5, specifically in the last few days for me.
I'm also on an M1 (Pro, running in rosetta) and I was just having this issue with SPL Attacker Plus. I had it on a couple of drum mics and they would unpredictably "produce invalid data" and turn off a few other inserts across my drum chain. I'd reset it by selecting the whole drum chain, disabling all inserts and hitting undo to reset it. Seemed to work, but eventually it'd happen again.
I have to comment that even if this is meant to be doing me a service, it's pretty annoying how it deactivates the plugin, and only putting a red line around the insert temporarily. Hard to keep track of what's deactivated on purpose or error.
EDIT: I originally reinstalled the SPL plugin which briefly improved performance, but it turns out that it was only a coincidence. More plugins are deactivating indiscriminately, and more frequently too. I'm going to revert to 5.4.