Got my wife an M1 MBA for Christmas, and now it has started doing this random lockup on the screen saver, right when she's in the middle of doing something. It did seem to start yesterday when I created my own login account on the machine, so we will see how it goes by doing a total log out if we want to swap users, and fast user switching is disabled.
Bit of a bummer as my wife is more of a Windows user after drifting away from Macs for several years, and I was hoping this machine would satisfy her that Apple had fixed a number of issues! So hopefully it won't happen again.
Hope this is fixed with 11.2. Everyone should file a bug report when it happens!