I just wanted to add a "me too" to this thread. Late 2020 M1 Macbook Air purchased only a month ago. I can't exactly predict when the issue will occur, but tapping ESC doesn't help for me. Closing the lid and reopening it works 100% of the time (so far) to get the display working. I haven't yet tried screen saver hot corner.
I haven't had access to a strong flashlight to determine if it's the entire display or only the backlight.
As part of getting back to Big Sur, I also did the DFU "revive" option (which is the only way to get Big Sur 'recovery' back.). That also did _not_ fix the issue.
At one point, for no particular reason that I can tell, the issue went away for almost 2 days... but it always comes back.
I've made an appointment to bring the notebook to an Apple Store for a "genius" to look it over. The notebook is only a month old. I don't know if it's a hardware issue or a software issue, and I don't think it really matters. It's not as if the macbook can be used with anything except MacOS, so they are inseparable.
My biggest concern at this point is that I'll bring the notebook in, the "genius" won't repeat the problem (or maybe they will), but send it in for repair anyway - and then the "repair" center doesn't fix anything because they can't repeat the problem. Or perhaps worse is that they "repair" it by replacing parts (or giving me back a refurb) and it doesn't fix anything at all.
I always get really nervous when many users are having a problem, but a company like Apple continuously plays dumb and doesn't acknowledge the issue.
[Edited by Moderator]