Does serverperfmode work on Apple Silicon Macs?

Is it possible to enable serverperfmode on an Apple Silicon Mac? I am using an M1 Mac Mini on macOS 11.2, and following Apple's instructions . I enabled serverperfmode=1 in the NVRAM boot-args, and restarted the machine. However, I'm not seeing any of the values in sysctl -a, ulimit -u, or ulimit -n change. I have successfully done this on Intel-based Mac Minis in the past. Is it possible that serverperfmode is simply not supported on Apple Silicon Macs? Here are some of the values I'm seeing on this machine, which seem unchanged from before enabling serverperfmode.

% nvram boot-args                   
boot-args	serverperfmode=1
% ulimit -n                           
256
% ulimit -u                              
2666