After Effects is working exactly as it should be expected to with a containing Comp that's 4 minutes and 30 seconds long on an M1 MacBook Air or M1 MacBook Pro.

For videos of this length with live action (the person speaking), it's more common to work in Premiere Pro with the source footage and the After Effects Compositions in a Premiere Pro Timeline.

You will not get realtime playback until the duration that you want to play shows as green in the Time Ruler (that is, until it has been loaded into RAM).  To continue working on your M1, set a custom Preview option that uses a low Compositition Resolution (like Quarter or Custom) and skips frames.  I recommend setting the Shift+Spacebar option in the Preview panel such that Skip is set to "1" (maybe "2") and Resolution is set to "Quarter". 

AE23 Preview Shift+Spacebar set to custom Skip 1 and Resolution Quarter

Or you can use "Shift Numpad 0" for skipping 1 frame and using Auto Resolution; however, on the MacBook that's Control Shift 0 since the MacBook only has the standard keyboard.  If using this option, be sure to change the magnification to 25% for Auto Resolution to be at Quarter.At these Preview settings, you're trading image quality and smoothness for length of preview.As you work, you can shorten the Work Area quickly by using the B (set Work Area Start) and N (Set Work Area End) keyboard shortcuts and then Preview a shorter duration at Full or Half Resoltion without skipping frames.To see your Composition at Full Resoliton and full frame rate from start to finish, create a custom Render Settings Template that uses Apple ProRes 422 Proxy.  You can start with the High Quality Template that uses Apple ProRes 422, edit the Video Options, and save the resulting custom settings.

When that looks good, render at your delivery settings.

Another option is to go with a higher end MacBook with 32GB, 64GB, or 96GB of RAM.  More RAM equals a longer Preview.

How much RAM does After Effects need for Preview?  It tells us on a per-frame level in the Compositon Settings dialog box.  Or to determine how much RAM you ideally want, you can use the mathematical formula: