Multiple issues and bugs
I've only had the program a couple of hours and...
1. When I clicked on Preferences / General / Appearance the program crashed.
2. I created a VST3 directory and when selecting it in preferences the program crashed.
3. Some third party SF2 sound fonts are showing up in the list but not playing in M4 but work in M3.
4. Changing guitars even to MS Basic and they may not play at all. Even with restarting M4 .
5. None of my guitar bends are recognized.
6. When selecting Instruments it’s annoying and time wasting that it keeps reverting to Common instead of previous selected category or at least All Instruments.
(Mac M1 24" OS 13 - 16 GB RAM)
Comments
The crash on opening Preferences suggests your installation is corrupt. Try Help / Revert to Factory Settings, Also reinstalling if necessary. Very possibly many of the other problems stem from this same installation issue.
Non-playback of guitar bends is known, being worked on for an update.
For selecting instruments, I don't know what you mean about reverting - when does this happen? - but FWIW I seldom use those, the search box is usually faster.