macos version on the selected disk It needs to be reloaded.

I believe it's time to take it in to the nearest   Apple Genius Bar or Apple Authorized Service Provider for a diagnostic test (free from Apple but not from the AASP who'll refund the diagnostic fee it if they perform any needed repairs).

I assume that you are attempting to reinstall the Mac's operating system. I also assume that you are using Wi-Fi to do the download. Doing so almost always causes problems and file corruption. Wi-Fi is just too slow for these very large files. Instead, use a wired Ethernet connection for the download and it should go well. If that is not possible you may have to do multiple Wi-Fi downloads to get a clean one that installs properly. If you use Ethernet to do the download everything should be just fine and I would not worry about it. Typically, I have found that one of these downloads vis Ethernet takes around 45 minutes, more or less and the install will take another 45 minutes with multiple automatic restarts.

How long is a long time?

You did boot into the Recovery volume to reinstall the system according to this Apple document (Use macOS Recovery on a Mac with Apple silicon - Apple Support), right?