This is correct. HL is not compatible with Big Sur so any Apple system purchased after 11/2020 can not run the application and any one upgrading past Catalina will lose their 32 bit apps, including HL.
I have been told that a 64bit version is NOT on to do list at this time so do not expect a fix any time soon.
A point to LWD, any 64bit app made for the M1 processor will run on every iOS device and almost every Mac notebook or desktop sold since 11/2020 so the days of MacOS and iOS development are gone.
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