Currently Pyro in C4D is a purely GPU technology; there is no CPU fallback. So, GPU performance is the main driver of pyro performance.
It is also very RAM hungry, so having only 8GB of VRAM, or sharing the system RAM of a 16GB M1, will limit the scale of the effects you can achieve.
The main way to increase performance (without upgrading your machine/GPU) is to simplify the sim by increasing voxel size. This can be done in two places: the pyro object/simulation settings, and in the pyro tag. The pyro object/sim settings is the most impactful one, since that sets the overall memory footprint. You can also try reducing the padding, which will reduce the number of voxels in the simulation (though if you have explosive effects or fast moving objects, they may "clip" outside the sim at points).
Pyro runs very well with good framerates on M1-based macs that have more GPU cores (e.g. M1 Max and M1 Ultra)