You have done some Good Work 👍 there, thus far in trying to isolate this issue.
Would second the idea of using Etrecheck application to get a better overall view of both the Hardware and Software used on this machine.
Forget about the SMC / NVRAM Reset as this is an Apple Silicon Computer
The closest the M-Class computer to doing either would to shutdown the computer, pause about 10 seconds and restart
Reset the SMC of your Mac
Reset NVRAM on your Mac
Just to compare
Using a M1 Desktop Mac Mini, M2 Desktop Mac Mini each running the initial Sequoia 15.0 and updated to version 15.0.1
Both machines with only 1 Display each, and no external drives
The Bootup from a Cold Boot ( Off ) is definitively different than when using Sonoma 14.6.1
The loading bar may load 50% and pause, or other times, loads 100% and pause before the Log In Screen is presented
If suspect, but can not confirm, there might be some work still needed by Apple to bring back the fast bootup times
Other than that, both units function just fine
A M3 MBA Laptop also with Sequoia 15.0.1 behaves a bit better.
Still getting wink-out during the initial bootup.
Thought the loading bar to Log In Screen is much faster