I have the base 14" M3 Max config with 14/30 cores, 36GB RAM, and 1 TB. If there's throttling, I haven't noticed it in my usual use and it's still faster than my previous 16" M1 Max and, so far, just as quiet.
Yes, there's less screen real estate compared to the 16", but it isn't noticeable for things like web browsing since the 16" usually just shows more white space on the sides of the web page -- you really notice this in a side-by-side in-store. For editing I usually have my 14" docked and connected to an external 43" 4K LCD.
I still do some editing on the 14" while on the couch or in the sunroom but for longer editing sessions I sit in front of the 43" display. The 16" offers more viewing area for editing but I still felt it was cramped sometimes despite the resolution being about equal to my 4K display and I just prefer to see everything on the larger external display. For me, the 16" wasn't worth the extra heft all the time. If the MacBook Pro is going to be your sole display then I can understand going with 16" full time.