Could you give a bit more info on what you plan to use the computer for OP?
If you're looking at the new M4 chips and don't need the machine urgently, I would definitely wait till next week when we'll find out more about the thermal properties of the Pro/Max chips - there's a few more performance cores on the Pro chip this year, but also the M4 line seems more efficient than M3 in general... best to wait for reviews and hands on.
Talking in general, I think it's more important to choose the size you want rather than choosing something sub-optimal that might give slightly less throttling. Looking at the last 3 generations of chips, the Pro chip will be absolutely fine in the 14" - the M3 Max in my 16" (unbinned) does get toasty with sustained workloads, to the point where even in the 16" chassis there is some light throttling, so presumably the 14" would have more throttling. If I wasn't looking at sensor charts and digging into the detail though, I would likely never have noticed the throttling in terms of actual performance. I think this is likely the case with the 14" as well, i.e. unless you're doing something time critical where every second matters, I don't think you'll notice the slight dip in performance when doing sustained tasks in the real world.