Error: Max for Live device contains externals that are not compatible with Apple silicon

On a Mac with Apple silicon, if you load a Max for Live device that contains elements not compatible with Apple silicon processors, Live displays the following error:

MyDevice.amxd contains externals that are not compatible with Apple Silicon. Consider running Live under Rosetta.
 

To solve this you can:

• Install the latest version of the Pack.
• Try running Live in Rosetta mode.