The M1 Mac mini would be an upgrade from that.Buy what you need when you need it. Many people upgrade to the latest and greatest sooner than they need to. I'm still cranking out photos from my 42 megapixel cameras on a 2013 i7 iMac and will continue to do so until this machine dies. I've probably spent a total of around $3000 on this machine between purchase and upgrades (upgraded the fusion drive to SSD, added RAM) and it works. Sure it could be a lot faster and if I were a pro I wouldn't have any issues buying a Studio on Day 1. But I'm not a pro and I'll make do with what I've got until I need to make a decision.
ArtIsRight just released his review focused on photography.