The Ctrl + Shift + Power shortcut to put the computer to sleep does not work on the M1 MacBook Pro (assuming that the Touch ID button replaces the power button).
What is the keyboard shortcut to put the M1 MacBook Pro to sleep?
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I had the same question on my MacBook Air M1, and was finally able to get it to work with Karabiner Elements. I've reassigned the Do not Disturb 🌙 (F6) function key to launch Sleep Mode. You can find the exact script I've used to import into Karabiner here.
P.S. At first it actually kept waking up instantly with my Apple Watch, but after some trial and error got it to work perfectly by using the After_Key_Up event.
Hopefully this helps you and others!
While it isn't a keyboard shortcut, I have had success using the 'Hot Corners' feature to put the device to sleep: https://support.apple.com/guide/mac-help/use-hot-corners-mchlp3000/mac