I have found a solution! Please see below:
I have found an equaliser called "Boom 2" on the Mac app store. Once installed you have to restart your Mac, turn on the sound booster and BOOOOMM!!!! It allows you to boost the output sound at the same level and if not louder than the intel MacBooks.
Be careful not to use Boom 2 to increase the output volume too loud because there is a risk that your MacBook speakers could be damaged
I have not tested battery drain but if you only open the app when you need it for louder audio it should be great. I installed literally 5 mins ago and it is great.
Let me know if this works for anyone because it has changed my M1 MacBook Pro and has made the speakers amazingggggg :)