On machine restart, the dock hiding animation freezes midway, which to me indicates a hang. On booting back to desktop, the crash reporter appears with the below text. I cut off the long list of loaded kexts but can provide those if needed.

panic(cpu 6 caller 0xfffffe0025cf84d0): "pmap_tte_remove: non-zero pagetable refcount: pmap=0xfffffdf0459337a0 ttep=0xfffffdf0bd7f8410 ptd=0xfffffdf31897a998 refcnt=0x1"
Debugger message: panic
Memory ID: 0x6
OS release type: User
OS version: 20B29
Kernel version: Darwin Kernel Version 20.1.0: Sat Oct 31 00:07:10 PDT 2020; root:xnu-7195.50.7~2/RELEASE_ARM64_T8101
Fileset Kernelcache UUID: 35A645C8D62619060673BEF751E6A7AA
Kernel UUID: D8523129-E878-38BA-A8E0-1D0E8D2470B7
iBoot version: iBoot-6723.50.2
secure boot?: YES
Paniclog version: 13
KernelCache slide: 0x000000001de74000
KernelCache base:  0xfffffe0024e78000
Kernel slide:      0x000000001eae0000
Kernel text base:  0xfffffe0025ae4000
Kernel text exec base:  0xfffffe0025bac000
mach_absolute_time: 0xb36a494728
Epoch Time:        sec       usec
  Boot    : 0x5fb52e8b 0x000d0003
  Sleep   : 0x5fb5c7f5 0x0000d88d
  Wake    : 0x5fb5cbd3 0x00084eff
  Calendar: 0x5fb5dbee 0x0006946f

CORE 0 recently retired instr at 0xfffffe0025d164d0
CORE 1 recently retired instr at 0xfffffe0025d164d0
CORE 2 recently retired instr at 0xfffffe0025d164d0
CORE 3 recently retired instr at 0xfffffe0025d164d0
CORE 4 recently retired instr at 0xfffffe0025d164d4
CORE 5 recently retired instr at 0xfffffe0025d164d4
CORE 6 recently retired instr at 0xfffffe0025d1500c
CORE 7 recently retired instr at 0xfffffe0025d164d4
Panicked task 0xfffffe166d3918e0: 115536 pages, 461 threads: pid 0: kernel_task
Panicked thread: 0xfffffe166d3aa610, backtrace: 0xfffffe401acd3780, tid: 104
		  lr: 0xfffffe0025bf9f7c  fp: 0xfffffe401acd37f0
		  lr: 0xfffffe0025bf9d48  fp: 0xfffffe401acd3860
		  lr: 0xfffffe0025d1b7d0  fp: 0xfffffe401acd3880
		  lr: 0xfffffe0025d0d2fc  fp: 0xfffffe401acd3930
		  lr: 0xfffffe0025bb37e8  fp: 0xfffffe401acd3940
		  lr: 0xfffffe0025bf99d8  fp: 0xfffffe401acd3cd0
		  lr: 0xfffffe0025bf99d8  fp: 0xfffffe401acd3d40
		  lr: 0xfffffe0025bf97f4  fp: 0xfffffe002b53fda0
		  lr: 0xfffffe0026391dec  fp: 0xfffffe002b53fdc0
		  lr: 0xfffffe0025cf84d0  fp: 0xfffffe002b53fe40
		  lr: 0xfffffe00263a6660  fp: 0xfffffe002b53fed0
		  lr: 0xfffffe00263a6644  fp: 0xfffffe002b53ff60
		  lr: 0xfffffe00263a5b88  fp: 0xfffffe002b53ffe0
		  lr: 0xfffffe0025bb3ff4  fp: 0xfffffe401acd3d60
		  lr: 0xfffffe0025c90b10  fp: 0xfffffe401acd3d90
		  lr: 0xfffffe0025c2b24c  fp: 0xfffffe401acd3de0
		  lr: 0xfffffe0025c36304  fp: 0xfffffe401acd3e00
		  lr: 0xfffffe0025c10d30  fp: 0xfffffe401acd3e70
		  lr: 0xfffffe0025c10d30  fp: 0xfffffe401acd3ee0
		  lr: 0xfffffe0025c10c1c  fp: 0xfffffe401acd3f00
		  lr: 0xfffffe0025bbce74  fp: 0x0000000000000000

I get the same issue on my M1 Mac Mini.

macOS Big Sur 11.0.1 (20B29) Karabiner-Elements 13.1.0 / 13.1.1 beta

I have not yet installed most of the software other than the OS pre-installed. If you have Karabiner-Elements installed, your Mac will reboot immediately after the system exits (after the power LED is turned off), even if you have Quit Karabiner before the system exits. In this case, there will be no startup sound. After the automatic reboot, you will get an error report "your computer restarted because of a problem". Considering the lack of boot sound and the error report, it seems that the kernel panic occurred before the exit sequence was completed, which led to the automatic reboot. If you uninstall Karabiner-Elements, there is nothing wrong with it and your Mac will turn off.