macOS Finder not previewing audio or video files

This question was asked elsewhere, it was specific to Big Sur and *.mp4 files but I have the same issue, it affects more than just video files, and I don't think the accepted answers were satisfactory ("incompatible codec..".

I have two MBPs, one 2015 Intel running El Capitan, and one 2021 M1Pro running Monterey.

An *.mp4 file (export from iMovie) will preview on my 2015 machine in Finder, either from the preview pane or by hitting spacebar when the file is selected.

When I Airdrop onto my Monterey machine and try again it now cannot preview the file. In 'column' or 'gallery' view modes there is no play button on the thumbnail, and hitting spacebar does nothing. In 'icon' view mode a play button momentarily appears in the centre of the thumbnail when the file is unselected but is unresponsive and disappears when clicked (because that icon is now highlighted). This is the same regardless of the size setting of the icon.

I tried this with a range of other filetypes including *.wav and *.mp3 files and the exact same behaviour occurs.

Sometimes, for a fraction of a second, the play symbol becomes a pause symbol as if the file is playing, but this disappears almost instantaneously when the thumbnail has become highlighted, and again becomes unresponsive. This happens regardless of audio or video file.

On a 14inch, 16GB M1Pro - Monterey 12.0.1