Hi WetHarmonics,
Unfortunately, this is the worst screen that your Mac could show (aside from hardware failures). You might be forced to erase your data.
What this screen means: There is a startup failure on your Mac, and it isn't able to access normal macOS or macOS Recovery. Your Mac cannot fix itself, and it needs outside help.
What to do: You will need these items:
- A second Mac running macOS Catalina 10.15.6 or later (the current latest version is macOS Big Sur)
- The power cord that you use to charge your Mac (use it to connect the two computers)
- The Apple Configurator 2 app, free from the Mac App Store
- Internet access
Once you have these items, follow these steps to revive your Mac: Revive or restore a Mac with Apple silicon with Apple Configurator 2 - Apple Support
If you don't have a second Mac available, unfortunately you will need borrow one from a friend, or take your Mac in to the nearest Apple Store or Apple Authorized Service Provider. To set up a repair, please contact Apple Support.
(If you choose to do a repair, no actual hardware will be repaired unless necessary. The error is purely a software problem. I would hope that the "repair" is free of charge.)