No. Both the current wine-stable (v7) and LOTRO itself have 32-bit components. No post-Mojave version of MacOS has support for 32-bit applications. Therefore, LOTRO will not run in any post-Mojave version of MacOS (current Catalina, Big Sur, and Monterey) using the current stable distribution of open-source WINE.
The best solution for running LOTRO on a Mac using one of the three currently supported versions of MacOS is to use Crossover. Crossover is basically the "pro" version of WINE and in addition to a much simpler interface for installing and configuring Windows applications, it includes a 32-bit to 64-bit compatibility layer. I use Crossover nearly every day to play LOTRO on my 2019 21.5" iMac with an Intel CPU running Monterey, it works great. There are many people who are using Crossover to play LOTRO on the modern M1-based Macs. I am aware of only one person who has been unable to get LOTRO to work on an M1-based Mac in Crossover. Considering that many other people with that person's exact same Mac and version of MacOS and version of Crossover have been successful it is most likely due to that person not following the installation instructions correctly and so I feel confident recommending Crossover for playing LOTRO on M1-based Macs.
Crossover has a 2-week free trial so you can test to be sure it will work for you before committing to a purchase.