I suppose $a,b,c,d\in \mathcal M_2(F)$ for some field $F$ and $M\in \mathcal M_2(\mathcal M_2(F))$.
What you've described does not work. Your $M^{-1}$ is neither a left inverse nor a right inverse of $M$. The problem is that multiplication of "scalars" in your case is not commutative. In particular, $(ad-bc)^{-1}$ does not necessarily commute with $a,b,c$ or $d$.
However, if all the "scalars" $a,b,c,d$ here are by themselves matrices over a field, and they all commute with each other (not just among $a$ and $b$) and $ad-bc$ is invertible , then $a,b,c,d$ will automatically commute with the "scalar" $(ad-bc)^{-1}$ and your $M^{-1}$ is indeed a (left and right) inverse of $M$.
That said, concerning determinants, we do have the following result. Let
$$M'=\left[\begin{array}{c|c}a&b\\ \hline c&d\end{array}\right]\in \mathcal M_4(F)$$
(which is a $4\times4$ matrix over the field $F$) be the block matrix whose four sub-blocks are $a,b,c,d\in \mathcal M_2(F)$. The difference between $M$ and $M'$ is that $M$ is a $2\times2$ matrix whose entries are taken from $\mathcal M_2(F)$, while $M'$ is a $4\times4$ matrix whose entries are taken directly from $F$. Provided that $ab=ba$, we have
$$
\det M'=\det(da-cb)
$$
(where the left hand side is the determinant of a $4\times4$ matrix over $F$ and the right hand side is the determinant of a $2\times2$ matrix over $F$).
Note that in the above, we only need $ab=ba$; we don't need all four matrices $a,b,c,d$ to commute. In general, however, if $M'$ is a block matrix of larger size (say, it has 3 blocks by 3 blocks), then to guarantee that we can do something similar, we do need all sub-blocks to commute with each other. This is a result by John Silvester and this has been discussed a couple of times on this site. See my answer to a previous question, for instance.