To clear up a few things... the 2022 fox 34 is revised and has the rounded uppper crown. That crown has more to do with clearing larger head tubes, then it does to increase stiffness. The 2022 34 does have upgraded stiffness (supposedly according to marketing speak) but it is limited to 140mm and there are no 150mm air springs for it that work properly with the new equalization point and negative volume.
I digress... the m20 utilizes a 2020-2021 fox 34, which you can run at 150mm by using a different length air spring... you can get part numbers via the following link.
34mm Part Information | Bike Help Center | FOX
I personally have a lot of experience with the fox 34 leading up to the 2022 model. In my personal opinion, I would not run that fox 34 at over 130mm on a 29r. I understand why Orbea specified the 140mm 34 on the m10 rise, to shed weight and provided a cheaper price point. However at my riding weight, I can feel a significant amount of chassis flex with the fox 34 at 140 to the point where it is intolerable to me.. I have tried it at 140mm in the past (briefly) and on my 29lb trail bike(which is specified with a 130mm 34 from the factory) it was not up to the task and would not reliability hold a line through off camber technical sections or in rock gardens.
Take my opinions with a grain of salt of course, each rider and terrain is different. FWIW, I am 175lbs and I am an extremely aggressive and advanced rider who races (mid to back of the pack) in the open/pro classes at races. In addition, my local terrain, is some of the steepest around (laguna ca) which is exceptionally hard on forks. This may not apply to you if you weigh the same or less then I do, and don't ride aggressively. However, if you weigh more and or ride hard... The answer for me would be clear, ditch the 34 and get a 36, lyric, 38 or zeb.
TLDR: You can add more travel by putting a different airspring in... In my opinion, the fork is too flexy for that, and the flex and vagueness of the front end with the fork at 150, would be enough of a detriment to performance that the extra 10mm would be seemingly worthless.