As far as I know, it‘s like the Share Name and Photo feature of iMessage, which is end-to-end encrypted. What algorithm they use, is unclear. I suppose it‘s similar to how Signal profiles work.
It’s sold out, but here you are: https://asgoodasnew.de/Apple-MacBooks/MacBook-Pro/MacBook-Pro-2021/Apple-MacBook-Pro-2021-14-M1-Pro-10-Core-CPU-16-Core-GPU-1-TB-SSD-16-GB-spacegrau-sehr-gut.html
Keep an eye out on this page: https://www.idealo.de/preisvergleich/OffersOfProduct/201636407E2060J2_-macbook-pro-14-2021-m1-pro-10-core-apple.html
It does, it got ported to Pico a few days ago!