100% agreed that this should be updated to run in 64-bit macOS environments.
There are alternatives depending on the version you have access to. I won't go over the obvious ones like play it on older hardware because that's not an option for a lot of people.
1) Install the PC version of PvZ with PortingKit
PortingKit allows macOS users to install 32-bit PC games in macOS using frameworks like wine (wine is not an emulator) and since this can be intimidating to do manually using Terminal and open source projects, PortingKit does the heavy lifting for the user running through a PC like installer in macOS and creating a virtual environment inside app packages that act like you are running it on older hardware. If you have the PC installer files from a CD/DVD, PortingKit might work for you. It does also have support to sin tall from Steam but with mixed results from my experiences.
2) Install Windows 11 using Parallels
Steam versions of PvZ can be installed on virtual Windows machines. I've done so and it works fairly well for most apps. You can try it using a trial version of Parallels and activate Windows after trial if the solution works for you. This option has the highest compatibility for 32-bit programs in a 64-bit world.
3) Play a mobile version
I have issue with this one but if all else fails, play it on iOS/Android. It's also a bit of a slap in the face that the iPad version is in the App Store but the toggle to allow it to be installed on a Mac. The architecture is there, just needs to be enabled. I'll be playing on my iPad and dealing with the ads until I'm able to unlock the shop (which, IMMHO, is a terrible way to offer in-app purchase since it forces some apps and can't be unlocked right away.