Arduino IDE & ESP8266 on MacOS M1 Setup Help

I'm currently facing an issue with my Arduino IDE (1.8.x) on a MacBookPro with Apple M1 running MacOS 15.0.1. I'm trying to program some ESP8266 boards but it appears there's some Python version incompatibility. The error message reads: "[exec: "python": executable file not found in $PATH]". My program uploads successfully on older Mac versions.

I need someone to help me troubleshoot this issue so that I can upload my working program onto the ESPs.