Hey Toddfromla!
Did you happen to check: open Finder, on the top menu hit Go > Home?
In there do you happen to see a folder named, “iCloud Drive Archive”? I’d check there to see if your data was saved locally to your Mac when (Maybe) iCloud Drive was disabled.
Likewise, do you happen to see the data at iCloud.com > iCloud Drive? (Also when there, “Recently Deleted”)?.
Another good spot to check there at iCloud.com is Account Settings > scroll down and hit “Restore Files” if you are missing data, and it’s not showing up at iCloud.com > iCloud Drive, and was deleted some how, it may be available to recover from an archive, if there.
Likewise, checking the Trash of your Mac and Recently Deleted on your other devices is a good place to look, and if course a Time Machine, and/or iOS backup are awesome recovery tools.
For what it’s worth, I have a few friends that only use Mac, and say this isn’t only happening on the new M1 Macs, but also earlier Macs and different models, so it’s possible this is something that has to be worked out on their side, contacting Apple never hurts to either find a solution, temporary workaround, or even contribute to a possible solution if it hasn’t been worked out yet.
It maybe a burden, but no software, hardware or server will always be perfect all the time, if there is any company ready and willing to work on an issue like this, it’s Apple. Hope it works itself out soon!