Same issue, M1, but not on Final Cut Pro.
panic(cpu 0 caller 0xfffffe00306684c4): "dart-disp0 (0xfffffe23367cc000): SMMU(SMMU) error: SID 0 PTE invalid exception on read with DVA 0xc60000 (TTBR 0 SEG 0 PTE 0x318) ERROR_STATUS 0x80000004 TIME 0xccb48d6f2a80 TTE 0 AXI_ID 0)"
Debugger message: panic
Memory ID: 0x6
OS release type: User
OS version: 20B29
Kernel version: Darwin Kernel Version 20.1.0: Sat Oct 31 00:07:10 PDT 2020; root:xnu-7195.50.7~2/RELEASE_ARM64_T8101
Fileset Kernelcache UUID: 35A645C8D62619060673BEF751E6A7AA
Kernel UUID: D8523129-E878-38BA-A8E0-1D0E8D2470B7
iBoot version: iBoot-6723.50.2
secure boot?: YES
Paniclog version: 13
KernelCache slide: 0x000000002738c000
KernelCache base: 0xfffffe002e390000
Kernel slide: 0x0000000027ff8000
Kernel text base: 0xfffffe002effc000
Kernel text exec base: 0xfffffe002f0c4000
mach_absolute_time: 0x4e9b595e444
Epoch Time: sec usec
Boot : 0x5fe2d7c6 0x0006af8f
Sleep : 0x5febebde 0x000bfaf6
Wake : 0x5febec1c 0x00035f68
Calendar: 0x5febef86 0x0004e21e
CORE 0 recently retired instr at 0xfffffe002f22d00c
CORE 1 recently retired instr at 0xfffffe002f22e4d0
CORE 2 recently retired instr at 0xfffffe002f22e4d0
CORE 3 recently retired instr at 0xfffffe002f22e4d0
CORE 4 recently retired instr at 0xfffffe002f22e4d4
CORE 5 recently retired instr at 0xfffffe002f22e4d4
CORE 6 recently retired instr at 0xfffffe002f22e4d4
CORE 7 recently retired instr at 0xfffffe002f22e4d4
Panicked task 0xfffffe166d2ed8e0: 153184 pages, 467 threads: pid 0: kernel_task
Panicked thread: 0xfffffe166d73b918, backtrace: 0xfffffe301596f4e0, tid: 1476
lr: 0xfffffe002f111f7c fp: 0xfffffe301596f550
lr: 0xfffffe002f111d48 fp: 0xfffffe301596f5c0
lr: 0xfffffe002f2337d0 fp: 0xfffffe301596f5e0
lr: 0xfffffe002f2252fc fp: 0xfffffe301596f690
lr: 0xfffffe002f0cb7e8 fp: 0xfffffe301596f6a0
lr: 0xfffffe002f1119d8 fp: 0xfffffe301596fa30
lr: 0xfffffe002f1119d8 fp: 0xfffffe301596faa0
lr: 0xfffffe002f8a9dec fp: 0xfffffe301596fac0
lr: 0xfffffe00306684c4 fp: 0xfffffe301596fae0
lr: 0xfffffe00306650e0 fp: 0xfffffe301596fd40
lr: 0xfffffe0030664c1c fp: 0xfffffe301596fdd0
lr: 0xfffffe0030664470 fp: 0xfffffe301596fe80
lr: 0xfffffe002f7e13a4 fp: 0xfffffe301596fec0
lr: 0xfffffe002f8151ec fp: 0xfffffe301596ff20
lr: 0xfffffe003021a808 fp: 0xfffffe301596ffb0
lr: 0xfffffe002f8077b4 fp: 0xfffffe301596ffc0
lr: 0xfffffe002f227c00 fp: 0xfffffe301596ffe0
lr: 0xfffffe002f0cb85c fp: 0xfffffe301596fff0
lr: 0xfffffe002f190988 fp: 0xfffffe3f554f3d00
lr: 0xfffffe002f190988 fp: 0xfffffe3f554f3da0
lr: 0xfffffe002f191a9c fp: 0xfffffe3f554f3e00
lr: 0xfffffe002f1ce16c fp: 0xfffffe3f554f3e60
lr: 0xfffffe002f1cdcc4 fp: 0xfffffe3f554f3f00
lr: 0xfffffe002f0d4e74 fp: 0x0000000000000000
Kernel Extensions in backtrace:
com.apple.driver.AppleT8020DART(1.0)[73EC3D4B-E165-39F9-8857-94B6217DD3DA]@0xfffffe0030660000->0xfffffe003066bfff
dependency: com.apple.driver.AppleARMPlatform(1.0.2)[5B1A401F-6FD8-39CD-AE5A-34EF66E839F7]@0xfffffe002fa00000->0xfffffe002fa4bfff
dependency: com.apple.driver.IODARTFamily(1)[9D72031A-56D2-3011-BC18-892B31F35CC6]@0xfffffe0031124000->0xfffffe0031137fff
com.apple.driver.AppleInterruptController(1.0d1)[DF0378F6-BC0F-3E89-ACD4-0AB2DC713C3A]@0xfffffe0030218000->0xfffffe003021bfff
dependency: com.apple.driver.AppleARMPlatform(1.0.2)[5B1A401F-6FD8-39CD-AE5A-34EF66E839F7]@0xfffffe002fa00000->0xfffffe002fa4bfff
last started kext at 2264419484168: com.apple.plugin.IOAVBDiscoveryPlugin 900.12 (addr 0xfffffe002ec0c000, size 16384)
last stopped kext at 6187721223: com.apple.driver.usb.AppleUSBHostPacketFilter 1.0 (addr 0xfffffe002ee68000, size 16384)
loaded kexts: