Same issue (also on M1 MBA), with the same solution. Turns out I mostly use spotlight as an app launcher anyway.It's an user issue, new user doesn't have the problem, but I don't know how to fix it. Clearing cache and the "put the whole disk or user folder in exceptions" trick didn't work. Not a huge deal but it's def annoying.
Set cmd+space to launchpad instead so i at least can use it as a launcher. I'll live with this in the mean time instead of starting off with a brand new user.