I think the value of Storage vs RAM vs CPU (and even display size) upgrades are highly dependent on how one uses their MBP. For us, my wife and I use the shared MBP solely as a portable desktop with the most important task being organizing, editing, and securely backing up (3-2-1 backup) our combined ~900GB iCloud Photo Libraries of our family life. We don't need to open several apps or 50 tabs in Chrome requiring more than 16GBs of RAM or do anything CPU intensive requiring more cores or the MAX. The decision to upgrade the SSD to 2TB was made even easier by several collateral advantages: 1) the blazing fast SSD speeds of the 2TB over the 512GB or 1TB or any external; 2) the M1's ability to memory swap SSD as RAM; 3) better SSD wear leveling/TBW rating from the 2TB for longevity; and 4) not having to juggle external drives, dongles, or extra weight...especially given the physical bulkiness/weight of the new 16" M1 MBP. I intend to keep this MBP a very long time (5-10 years) so I want the SSD to stay reliable and last. For me, after a year of use I still feel the 2TB upgrade was the right choice.