The M2 might have extended the life of the 3DO. It was first marketed as an expansion, but the size of the hardware directed it more towards a standard console.
My initial thought is it wouldn't an impact on what happened in the market. I think it's easy to dismiss speculation due to the size and popularity of Playstation. However, it's not like Sony was a major player when the PlayStation was released. I still recall having serious doubts about PlayStation when that showed up. I was one of the people that held off and waited for an N64. M2 could have been something if everything fell into place perfectly. It had some good hype and developer support. We will never know.....
If it hasn't been mentioned yet, the original 3DO Doom developer has great commentary as to why it was to terrible. He/She has some very interesting insight. It's a fun listen.
https://youtu.be/rBbIil2HPSU