And for this very reason, I will not store my vault on 1Password's or anyone else's cloud. I don't care how secure they claim it is. Nor do I care how secure they claim their vault is. There is always a chance that they messed up something and it will be discovered eventually.
I am sticking with 1Password 7 until it no longer works. When that happens, I'll find another local vault password manager and use that.
Does version 7 still work on M1 Macs? Do browser extensions for it still work without issue?