They are architecturally both Catalyst 9300 hardware. The MS390 has a different BIOS' and some cosmetic differences(lacks front USB for instance). With the -M it is identical to the c9300 outside of some different stickers showing the Cloud-ID(Meraki Serial). Software wise, if the switches are on the save version, say CS15.21.1. They both will be running the same underlaying operating system IOS-XE and container code. We do restrict the -M from installing deprecated firmware. The best example of this is you can have a MS390 running deprecated MS11 firmware, which the c9300-M can't run. But you are correct, they are architecturally the same. With the shipping firmware on the -M being the most stable firmware with all the lessons learned baked in from the MS390.
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