I have solved the issue. I added the -Druntime_cxxmodules=OFF flag to my cmake command to build so it ended up looking like:
cmake -DCMAKE_INSTALL_PREFIX=$HOME/progs/ROOT/root-install -DPYTHIA8_DIR=$PYTHIA8 -DPYTHIA8_INCLUDE_DIR=$PYTHIA8_INC -DPYTHIA8_LIBRARY=$PYTHIA8_LIB/libpythia8.a -Dbuiltin_glew=ON -DPythia8=ON -Druntime_cxxmodules=OFF -Dxroot=ON -DCMAKE_SYSTEM_PROCESSOR=arm64 ../root-sources
then I ran make -j4 and it worked.
I found this solution from this previous thread.