there are multiple reviews in the form of youtube videos
check out those channels:
https://www.youtube.com/c/Jonsine/videos
https://www.youtube.com/c/LogicEDM/videos
https://www.youtube.com/c/PresentDayProduction/videos
this site makes a list of what works and how well
https://music-prod.com/apple-m1-silicon-what-plugins-software-sound-interface-works/
The gist of it is "it kinda works"; if you use logic you're gonna be better off because not only is it native but it also has a special "intel layer" that allows 3rd party AU/VST intel plug-in to run in a separate instance so logic is still running native. So intel plug-in performance are better with logic. For other softwares the performance will be a lot less impressive since it's emulated; and there are some glitches and bugs to be expected; some plug-ins don't work at all. All of it would also be improved once the devellopers make at least their software compatible with Big Sur.
Everything moves pretty slowly in the audio world; so the best bet for someone who uses their machine for serious production or for live gigs is to wait (it could take a while); or buy intel (I'd go second-hand if it were me). If you're just starting music and just want to fiddle or if you only use logic then it's probably a safe bet to go M1.
In the long run the cool thing is a macbook air or mac mini m1 will probably be a good enough machine for composition (if you don't use gianormous sound banks).
keep in mind most software editors don't officialy support their product with the M1 chip; so it might work or it might not.
Until now I find than you don't need the latest and greatest to compose (I use ableton live which is quite light); and I'm happy with a quad-core mac mini from 2012; or a 15" laptop from 2015.
It's also a good question to know wether firewire is supported by thunderbolt; I have motu mk3 that I wouldn't want to throw away. I already found out that my perfectly functioning UM3-EX midi interface was not supported by mac OS 10.11 and above; and that's kind of infuriating to have to spend money because manufacturers are to lazy to update their drivers or provide a class-compliant mode.