Hi all,
because the SPEAKER out cannot be buffered, the ground of whatever you connect there will be connected to the ground of CAB M and your previous device (a preamp).
It may work and you will not break anything, but it's possible that you experience ground loops doing that. In that case, a DI (with isolation transformer) may be necessary.
When you connect a cabinet on that output, because the cabinet is a floating ground, you have no issue.