There is no way to install macOS 12.x Monterey (released yesterday) without an internet connection. If you have an offline M1 mac and you hook up a USB with the full 13GB installer .app on it (created with the ./createinstallmedia tool from it), even when you specify --downloadassets, it cannot be used to upgrade an airgapped machine.
There's now no way for me to know precisely what OS is running on my computer. And I just gave these pigfuckers $6.6k for a new one. :(
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