Steps to reproduce:
On M1 Mac running Monterey, with latest 5.6.0.2890, in Garageband, add a software instrument track, select plugins > Analog Lab V. Choose a preset set (ie "East Synth"). You don't even have to record anything on the track, just save the GB project and close it.
Now re-open it. First, you may be asked to "lower your security settings" on your Mac to be able to use Analog Lab in Monterey on M1 Mac. That doesn't sound good, and shouldn't be necessary, but say "OK" anyway.
The GB project can no longer be opened. It crashes while opening it. Sometimes GB doesn't crash but it does not display a screen. "Switching to" the GB app reveals the Open Project dialog.
Conclusion: Arturia Analog Lab is not ready for Garabgeband on M1 Macs running Monterey. Because of that, I am no longer using Analog Lab for anything. When I bought the new Mac, I transferred all my projects over from the old Intel one and found I could not open many of them - had I wiped my old system I would not be able to use these projects at all. I am now going through all projects on my old Mac that used Analog Lab and removing it completely, so I can bring those projects back over to the M1 Mac and open them.
EDITED TO ADD: To reproduce this, make sure you have most recent (as of 11/20/2022) MacOS Monterey 12.6.