Your M1 MacBook Air is compatible with macOS 27. Apple lists the MacBook Air (M1, 2020) as compatible with macOS 27 Golden Gate, so compatibility is not the reason this model is excluded. (Apple Support)
Apple states that Software Update displays updates that are compatible with the particular Mac. It can therefore report that a Mac is up to date even when a newer major version of macOS exists. (Apple Support)
Because your M1 MacBook Air is running macOS 26.6.2 but is not being offered macOS 27, the next useful step is to determine whether macOS 27 is actually being offered to that Mac through Apple's software-update service.
Open System Settings > General > Software Update and allow it to check for updates. Apple identifies this as the normal method for upgrading to macOS 27. (Apple Support)
If macOS 27 still does not appear, Apple provides a Terminal method for checking which full macOS installers are currently available for your particular Mac. Open Terminal and enter:
softwareupdate --list-full-installers
Apple states that this command displays the macOS versions currently available for the Mac. This is a useful diagnostic because it will establish whether macOS 27 is being offered to the M1 independently of the Software Update preference pane. (Apple Support)
If macOS 27 appears in that list, the full installer can then be downloaded using Apple's Terminal command softwareupdate --fetch-full-installer --full-installer-version 27.0..
If macOS 27 does not appear, that result would provide useful information about why Software Update is not currently offering it.