I was in the same dilemma back in March , also coming from a 2012 macbook pro.
Having talked to various music logic mac friends I stared totting up the cost of an Air with more Ram etc etc , and in the end concluded that I was getting close to the Base 14" M1 Macbook Pro price.
So very reluctantly I decided to part with what to me seemed a lot of money . Anyway I have to say that my new 14" Macbook is bloody great , got all the ports and connections back on the sides , great in built speakers etc etc.
I am running Logic Pro X and only running my third party plugins that are M1 ready , and I have to say it just seems to get on with the job !
So in conclusion , even though it was a lot of money I'm happy I did spend the extra .