M3 adds a native Thread and Matter foundation
M3 is designed as a Matter controller and Thread border router in addition to supporting compatible Aqara Zigbee devices. M2 remains a Zigbee-centered hub and bridge for supported devices.
Both hubs can still have a job
An M2 may continue serving stable Zigbee automations while M3 handles newer Thread and Matter devices. Replacing it is not mandatory when the current setup already meets the goal.
Power and placement differ
Compare Ethernet, PoE, USB power, Wi-Fi, speaker, infrared coverage, and the physical location each automation requires.
Migration is the hidden cost
Inventory child devices, scenes, ecosystem links, family access, and infrared remotes. Move a small group first and keep the older hub until critical routines are verified.