For me it's maybe 5-10 seconds for it to wake my Thunderbolt monitor (LG 4K) from "cold".
It's much faster if the monitor has been used recently, though, so I always figured it was the monitor that was causing the delay by going into some deep sleep state?
It seems a little faster, but not dramatically so for me, when I'm hot switching between different inputs on the monitor. Definitely I think some of it is just the monitor not being really fast about switching, but I use the same monitor with a brand new 16 inch MBP and it's much faster at triggering the monitor to wake up.
Same monitor. The workaround is to put the monitor on a power strip you can trigger when you walk up to it. Hard power off/on of this monitor and it instantly displays for me now.
The sound quality is indeed pretty bad on the LG 4K. Noticeably worse than the MacBook Air's built in speakers.
It's just "cheap speakers" bad, though, not anything that would suggest an issue with the sound output from the M1. I've used the LG with a few different Macs, and sound quality is the same from any of them.