I have the M1 MBP with 1 TB SSD/16 GB RAM, but have only edited a couple of images on the machine one day when I was out on the deck with it and just wanted to fool around a little. I have put DXO PhotoLab 4 on it, and Luminar AI, but so far that's it, as since it is a 13" machine and not plugged into an external monitor I am not planning to use it for any extensive editing. That task still falls to my older intel-based 2018 MBP and the external monitor attached to it.
Doing things through Rosetta is surprisingly speedy, to the point where it's unnoticeable, actually. The machine has native apps, too, of course, but so far I have not experienced any issues with either native ones or older apps that are still needing to go through Rosetta first.
All that said, I was surprised and very pleased by how quickly the M1 performed the usual tasks and especially the speed. I'd thought there would be a noticeable difference between the 16GB RAM of the new machine vs the 32 GB in my older one. Just for testing purposes I stuck a fairly full SD card into the Apple SD card reader and the machine took care of quickly acquiring it, just as fast as my other, seeming more powerful machine does. I then opened DXO PhotoLab 4 and looked through the images, just as I normally do, and arbitrarily picked a couple to process and went through that usual routine. Again, the M1 was quick and responsive, no bogging down, almost as fast as the 32 GB RAM in the older machine. This machine also runs very cool, too, which is nice. Wow! Of course I was only reviewing images and then actually only processing a couple, but still, it didn't even show any signs of becoming warmer.
Both images were speedily edited and I was good to go. The only problem I did find later, though, when looking at them again in the other machine was that because I was sitting out on the shaded deck in the late afternoon/early evening that light was not ideal for actually viewing and ensuring accurate exposures on the edited images. DUH.... That had more to do with the time of day and the place in which I edited the images rather than anything with regard to the M1 machine itself, of course.
My next Mac, when the time comes to replace my 2018 MBP, will indeed be an Mx or M2, whatever Apple will be calling it, the M- version of a 16" MBP. One of those machines should blow the lid off my current machine!