The external connector on the M2 has some 12 volt inputs. You can tie one of those into an ignition lead to tell you when the ignition was turned on. This will cause an interrupt to happen on your M2. I haven’t dealt with Arduino’s in sleep mode and how to pull them out so I don’t know if a simple interrupt will do it?
My gut feeling is if you run your vehicle often it won’t be an issue but if you don’t run your vehicle for a week you may find your battery dead. Note that the UTH version does NOT require connecting under the hood. But does require hardwiring. The issue with using the UTD is if it comes loose at any point in time you can have issues with it. If you DO connect to an ignition lead with the external connector make sure you also connect to a ground to protect your device in case your M2 becomes unplugged from the port. With an UTH model you can wire it someplace under your dash and mount it.
Since the UTH model isn’t weather proof I wouldn’t suggest mounting it anywhere other than inside the vehicle anyhow.