http://cncc.bingj.com/cache.aspx?q=conda+python2.7+mac+m1&d=4824953671585155&mkt=zh-CN&setlang=zh-CN&w=BW8ZF1Fg7z2SIssM864p9gWp8xC9yBOw
Not natively. Python 2.7 was sunsetted prior to release of the osx-arm64 platform, so there isn't any such build. One could try requesting such a build on the Conda Forge Python feedstock, but even if someone did that you'd still face the issue that most Python packages will also lack osx-arm64 builds for Python 2.7.
Possibly through Rosetta. Instead, one could try using Apple's x86_64 emulator, Rosetta 2, to run Conda environments with an osx-64 subdir. This could be dicey (not tested - someone needs to buy me a M1 :), but one can create an environment based on other architectures along these lines:
CONDA_SUBDIR=osx-64 conda create -n py27 python=2.7 # include other packages here
# ensure that future package installs in this env stick to 'osx-64'
conda activate py27
conda config --env --set subdir osx-64