You read that right.
It works just like it worked on my M1 13" with all big vendors (Slate, PA, Arturia, Waves, Uhe,Fabfilter, NI, Serum and many more) ane now I’m hoping 11.5 will be m1 Native and plugins (even non-m1 native) will run fine “translated” within cubase.
But you are running it in this backside-anatomical-part mode aka Rosetta, right? This doesn’t unlock the full potential of the new Apple M1 chips, btw I am not an Apple fan 
read again pls
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Funny, and apologies, in my smartphone several parts were coverd by the “Votes” layer. But, don’t expect Cubase and other 3rd partty plugs running in “mixed mode”. Presonus Studio One just since recently supports native M1 mode, but ONLY if all plugins are also running on apple silicon. If only one is not, it won’t be available or you have to run in this compatibility mode. And…SO for M1 was a free update…just guessing it won’t be with Cubase. Possible “smart” marketing of Steinberg: 11.5 not yet M1 ready but not a free update with nice gimmicks and fixes (yeah, fixes!) and new content. Then in 2022 you will get M1 support “for free”. I strongly doubt v11 will be ever supporting Apple Silikon.