Good news, the recently released macOS 14.4.1 Sonoma update from Apple restores compatibility with Audio Units plug‑ins safeguarded by PACE / iLok on all Apple silicon Macs.
The update to Sonoma 14.4.1 is now available in macOS System Settings. Please see the following Support Announcement for more details:
macOS 14.4 Sonoma Compatibility Info
https://help.uaudio.com/hc/en-us/articles/24492336117652-PACE-iLok-Issue-with-macOS-Sonoma-14-4-Update