ʿam (H5971) = laos (G2992) = regular folk, especially those under YHWH’s wing

Based on the sources I found, λαός (laos, G2992) is consistently used in the LXX to translate the Hebrew עַם (am, H5971).

The pattern appears to have been maintained quite deliberately by the LXX translators: עַם (am) → λαός (laos) for "people," while גּוֹי (goy, H1471) → ἔθνος (ethnos) for "nation/nations." Multiple sources indicate this distinction was kept consistently throughout the translation to preserve the theological significance - laos typically referred to Israel as God's people, while ethnos referred to the other nations.