You may encounter this when trying to boot into Fallback Recovery Mode. Currently it doesn’t appear to be fully functional, and doesn’t help.
Unlike Intel Macs, M1 models always start booting from internal SSD, and can only offer full Recovery from there too. This has benefits, and some drawbacks too.
Detailed account of disk, volume and folder layouts on Big Sur’s boot disks, complete with roadmaps which are downloadable as PDFs.
Diagrams of the layout of volumes on boot disks for macOS 10.13 to 11, covering both Intel and M1 models.
A complete guide to the structure and layout of APFS startup disks from High Sierra to Big Sur (Intel), together with tear-out PDF charts.
Adding volumes in APFS is quick and simple. But why would you ever want to add a container to a disk? An exploration of their differences, and when containers are useful.
Listing of known NVRAM variables and their usage/meaning, together with notes on how to change them.
You might want to read these tips before installing the first release of High Sierra. They could save you a lot of pain.
Can I keep two bootable drives for different versions of OS X?