I've just upgraded to 14" MBP M1 Max running Montery 12.4.
Traktor 3.5.3 is functioning as normal apart from the fact it can't read my Music library (iTunes).
It's just stuck on 'loading' for hours, which makes me think its not communicating properly somewhere along the line. I have a 2015 MBP running Big Sur which has no issues reading apple's music library without having to use legacy XML files.
If someone has a fix please please let me know,
P