Running the latest bash-macos-aarch64 build (5.2.015-1.2.3-2) on ARM OSX Tahoe (sw_vers -> 26.3) without the environment variable PWD fails as follows:
$ ./bash-macos-aarch64 -c 'echo hello'
hello
$ PWD= ./bash-macos-aarch64 -c 'echo hello'
shell-init: error retrieving current directory: getcwd: cannot access parent directories: Operation not permitted
hello
The same applies to the bash-macos-universal.
However, running bash-macos-x86_64 on an Intel OSX VM, works as expected in both cases.