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:
- Go to Finder, then Apps, and find Elmedia Player.app.
- Right-click the icon and choose "Get Info" from the menu.
- Check "Open Using Rosetta".
- Close and relaunch Elmedia.
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.
Visit: Official Website | Elmedia Player Home Page | Download Page