I sent in a support ticket (I encourage others to as well that are running into this issue) and I got a response back from Elektron. They are aware of the issue and are working on a solution. 
“We’ve noticed a pattern with a few similar reports of glitches when using Overbridge, all involving computers equipped with the Apple M1 Pro or M1 Max chip. We are actively investigating this matter. Looking online, there are many reports about problems like this with all types of audio devices. Nevertheless, even if it turns out that the issue doesn’t originate from our end, we remain committed to finding a resolution.”
Definitely encouraging!